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.
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.
