The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate increased to 34.60% in November 2024, up from 33.88% in October. This represents a month-on-month rise of 0.72%. On a year-on-year basis, the inflation rate surged by 6.40%, compared to 28.20% recorded in November 2023. The NBS revealed this in its November Consumer Price Index (CPI) and Inflation Report published in Abuja.
Rising costs across various sectors have been identified as the main factors driving the increase in headline inflation. Key contributors include food and non-alcoholic beverages, housing, water, electricity, gas, clothing, transport, education, health, and other goods and services. Food prices, in particular, continue to surge, placing a significant strain on Nigerian households and their purchasing power.
The average CPI for the 12 months ending November 2024 rose to 32.77%, marking an 8.76% increase from 24.01% in November 2023.
Food inflation in Nigeria reached 39.93% in November 2024 on a year-on-year basis, rising from 32.84% recorded in November 2023. This surge has been linked to significant price increases in staple items such as yam, rice, maize, palm oil, and other essential foods, alongside vegetable oil, fats, and processed products. Additional commodities, including guinea corn, millet, and meat, have also experienced notable price hikes, further contributing to the inflationary trend. On a month-on-month basis, food inflation edged up slightly to 2.98% in November, compared to 2.94% in October. This increase is largely attributed to rising costs of fish, rice, dairy products, and meat.
The twelve-month average food inflation rate for the period ending November 2024 stands at 38.67%, marking an 11.58 percentage point increase from the 27.09% recorded during the same period in the previous year. These rising food prices continue to place significant financial pressure on Nigerian households.
Core inflation, which excludes energy and agricultural produce, rose to 28.75% in November 2024, up from 22.38% a year earlier. The increase was driven by higher costs in sectors such as transportation, housing, and personal services, with significant rises in taxi and bus fares, rents, and personal grooming expenses.
Urban inflation reached 37.10% in November 2024, compared to 30.21% in November 2023, while rural inflation climbed to 32.27% from 26.43% in the same period. On a monthly basis, urban inflation grew by 2.77%, and rural inflation increased by 2.51%, underscoring the growing strain on household budgets nationwide.
The steady rise in inflation reflects ongoing challenges for Nigerian consumers and businesses, as the cost of living continues to escalate with no relief in sight.
