According to the National Bureau of Statistics (NBS), the inflation rate in Nigeria rose to 34.6% in November, up from 33.8% in October. The consumer price index (CPI) report for November, published on Monday, indicates an increase of 0.72 percentage points compared to the rate in October 2024.
“On a year-on-year basis, the headline inflation rate was 6.40 percentage points higher than the rate recorded in November 2023 (28.20%).
This demonstrates that the headline inflation rate increased in November 2024 compared to the same month in the previous year (November 2023).
Furthermore, on a month-on-month basis, the headline inflation rate for November 2024 was 2.638%, which is 0.002 percentage points lower than the rate recorded in October 2024 (2.640%).
This indicates that in November 2024, the rate of increase in the average price level was slightly lower than in October 2024,” the bureau reported.
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