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Home | BREAKING: Nigeria’s Inflation Rate Rises Again

Business

BREAKING: Nigeria’s Inflation Rate Rises Again

Olaitan Sodiq
Olaitan Sodiq
Published: June 4, 2025
Last updated: June 4, 2025
1 Min Read
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Nigeria’s Inflation Rises to 22.79%
Nigeria’s Inflation Rises to 22.79%
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Nigeria’s annual inflation rate surged to 34.60% in November 2024, up from 33.88% in October, according to the National Bureau of Statistics (NBS).

The NBS report revealed that the headline inflation rate for November increased by 0.72 percentage points from the previous month.

On a year-on-year basis, the inflation rate in November 2024 was 6.4 percentage points higher than the same month in 2023, which stood at 28.20%.

Also, the food inflation rate hit 39.93%, a significant increase from 32.84% recorded in November 2023.

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Despite a slight reduction in the month-on-month inflation rate—dropping to 2.638% in November from 2.640% in October—the overall economic situation remains challenging for many Nigerians.

The NBS noted that food prices continue to exert significant pressure on the country’s economy.

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