Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% recorded in October, marking a further strain on households and businesses across the country. This was revealed in the latest Consumer Price Index (CPI) and Inflation report released by the National Bureau of Statistics (NBS).
The report highlights a 0.72% month-on-month rise in overall inflation. Compared to the same period last year, inflation jumped significantly by 6.40%, up from 28.20% in November 2023. The continuous increase has been largely attributed to rising food prices, with food inflation climbing to 39.93% in November from 39.19% in October.
Breaking it down further, the report showed a divergence between urban and rural inflation rates. Inflation in urban areas reached 37.10%, while rural areas experienced a slightly lower rate of 32.27%.
This inflation surge persists despite the Central Bank of Nigeria’s (CBN) monetary interventions. Under the leadership of Governor Olayemi Cardoso, the CBN has implemented several interest rate hikes, the latest being an increase from 27.25% to 27.50% during its 297th Monetary Policy Committee meeting in November. The aim has been to curb inflation, but prices of goods and services remain high, worsening the cost of living.
