Headline inflation in Nigeria rose from 33.88% in October to 34.60% in November 2024, according to the National Bureau of Statistics (NBS).
Year-on-year, inflation increased by 6.40%, reflecting rising costs of goods and services.
Urban Inflation: 37.10% (Year-on-Year), 2.77% (Month-on-Month).
Rural Inflation: 32.27% (Year-on-Year), 2.51% (Month-on-Month).
Food Inflation Hits 39.93%
Driven by higher prices of yam, maize, rice, palm oil, and other staples, food inflation rose to 39.93% (Year-on-Year), additionally smashing 2.98%, Month-on-month, with states like Sokoto (51.30%) and Yobe (49.69%) recording the highest rates.
Core Inflation at 28.75%
Excluding volatile items and driven by rising costs in transportation, accommodation, and services, core inflation, stood at 28.75%. Month-on-month, it eased slightly to 1.83%.
Rising inflation continues to strain household budgets, especially with food and essential services driving costs higher.
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