Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling heightened economic hardship for millions of citizens. The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index report, which revealed a 0.72% increase in the headline inflation rate on a month-on-month basis.
The year-on-year comparison shows a sharp rise of 6.40% from the 28.20% inflation rate recorded in November 2023, with food inflation jumping to 39.93%, compared to 39.19% in October. Urban and rural inflation rates were reported at 37.10% and 32.27%, respectively, underscoring the widespread impact of rising prices.
The Central Bank of Nigeria (CBN), under the leadership of Olayemi Cardoso, recently raised the country’s interest rate to 27.50% during its 297th Monetary Policy Committee meeting in November, citing inflation as the key justification. Despite these monetary interventions, the cost of goods and services continues to rise, significantly straining household budgets and increasing the cost of living.
Nigeria’s inflation had briefly declined in July and August 2024, but the trend has since reversed, largely driven by the rising cost of food and other essential commodities.
