Nigeria’s headline inflation rose to 34.60% in November 2024 reflecting an additional surge within the prices of products and providers throughout the nation.
That is in response to the newest Shopper Value Index (CPI) knowledge launched by the Nigeria Bureau of Statistics (NBS).
This exhibits that the headline inflation rose by 0.72% from 33.88% in October.
On a year-on-year foundation, the Headline inflation fee rose by 6.40% factors from 28.20% in November 2023.
Nevertheless, on a month-on-month foundation, the Headline inflation fee in November 2024 (2.638%) was 0.002% factors decrease than the two.640% recorded in October 2024.
Which means that in November 2024, the speed of improve within the common worth stage is barely decrease than the speed of improve within the common worth stage in October 2024.
City and Rural Inflation
The City inflation fee on a year-on-year foundation was 37.10% in November, marking a 6.88% rise from the earlier 12 months. On a month-on-month foundation, city inflation elevated by 0.02% to 2.77%.
- Rural inflation a year-on-year inflation fee of 32.27% in November 2024, representing a 5.84% improve from November 2023. Nevertheless, on a month-on-month foundation, rural inflation decreased by 0.02% to 2.51%.
- The twelve-month common inflation charges for city and rural areas stood at 35.07% and 30.71%, respectively. These figures point out a major rise in inflation charges in comparison with the earlier 12 months.
Meals Inflation
The Meals inflation fee in November 2024 rose by 7.08% to 39.93% from 32.84% in November 2023, on a year-on-year foundation.
The year-on-year rise in Meals inflation was attributable to will increase within the costs of assorted meals objects reminiscent of Yam, potatoes, Maize Grains, Rice, Palm Oil, and Vegetable Oil, amongst others.
- On a month-on-month foundation, the Meals inflation fee in November 2024 was 2.98%, growing by 0.05% factors in comparison with the two.94% recorded in October 2024.
- The month-on-month rise is attributed to the rise within the common costs of assorted courses of meals, together with fish, meat, bread and cereals, and grains.
- The common annual fee of Meals inflation for the twelve months ending November 2024 over the earlier twelve-month common was 38.67%, which was 11.58% factors larger in contrast with the common annual fee of change recorded in November 2023 (27.09%).
- In November 2024, Sokoto, Yobe, and Edo states skilled the best year-on-year meals inflation charges, at 51.30%, 49.69%, and 47.77%, respectively. In distinction, Kwara, Kogi, and Rivers states recorded the bottom year-on-year meals inflation charges, at 31.39%, 32.95%, and 33.27%, respectively.
On a month-on-month foundation, Yobe, Kano, and Kebbi states noticed the best meals inflation charges in November 2024, at 6.52%, 5.95%, and 5.68%, respectively. In the meantime, Borno, Adamawa, and Kogi states skilled the slowest month-on-month meals inflation charges, at 0.76%, 0.90%, and 1.21%, respectively.
Core inflation
The core inflation, which excludes the costs of unstable agricultural produce and vitality stood at 28.75% in November 2024 on a year-on-year foundation, rising by 6.36% from 22.38% recorded in November 2023.
- NBS famous that the best will increase have been recorded in costs of transportation, lodging, and providers.
- Nevertheless, the Core Inflation fee on a month-on-month foundation dropped by 0.3% from 2.14% in October 2024 to 1.83% in November 2024.
- The common twelve-month annual inflation fee was 26.64% for the twelve months ending November 2024, this was 6.29% factors larger than the 20.35% recorded in November 2023.
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