Nigeria’s inflation price rises to 34.6% in November 2024, highest in 28 years

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 most recent Shopper Worth Index (CPI) knowledge launched by the Nigeria Bureau of Statistics (NBS). This reveals that the headline inflation rose 0.72% from 33.88% in October.

The final time Nigeria’s inflation price was this excessive was 28 years in the past in March 1996 when it rose to 41.9%.

Nigeria has been experiencing galloping inflation all through 2024 rising from 28.9% on the finish of 2023 to 34.6%.

That is regardless of a number of efforts by the central bank to fight inflation, particularly by way of its hawkish financial coverage that has seen its benchmark price rise from 18.75% on the finish of 2023 to 27.5% this 12 months

November Inflation

In response to the NBS, Nigeria recorded an inflation price of 34.6% the very best to date in 2024 as Nigerians confronted increased gas and meals costs.

• On a month-on-month foundation, the inflation price rose by 2.638% when in comparison with the two.640% recorded in October 2024.
• The tempo of month-to-month inflation has remained underneath 3% after rising by 3% and three.1% again to again in February and March of final 12 months.
• Among the many main drivers of inflation this 12 months are meals inflation, imported meals inflation, and alcoholic beverage inflation which all rose considerably within the month underneath evaluation.

All sub-indexes skilled rising inflation apart from Well being, Communication, recreation, and tradition which all skilled decline 12 months on 12 months.

City and Rural Inflation 

The City inflation price on a year-on-year foundation was 37.10% in November, marking a 6.88% rise from the earlier 12 months. City inflation elevated by 0.02% to 2.77% on a month-on-month foundation.

• Rural inflation had a year-on-year inflation price of 32.27% in November 2024, representing a 5.84% enhance from November 2023.
• Nonetheless, 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 price 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 brought on by will increase within the costs of assorted meals gadgets corresponding to Yam, potatoes, Maize Grains, Rice, Palm Oil, and Vegetable Oil, amongst others.

• On a month-on-month foundation, the Meals inflation price in November 2024 was 2.98%, rising 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 lessons of meals, together with fish, meat, bread and cereals, and grains.
• The common annual price of Meals inflation for the twelve months ending November 2024 over the earlier twelve-month common was 38.67%, which was 11.58% factors increased in contrast with the typical annual price of change recorded in November 2023 (27.09%).
• In November 2024, Sokoto, Yobe, and Edo states skilled the very 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 very 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 risky agricultural produce and power 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 very best will increase had been recorded in costs of transportation, lodging, and providers.
• Nonetheless, the Core Inflation price 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 price was 26.64% for the twelve months ending November 2024, this was 6.29% factors increased than the 20.35% recorded in November 2023.

Be aware: A earlier model of this text indicated that this was the very best inflation in 26 years. This has now been corrected to twenty-eight years.