Nigeria’s inflation rate reaches 34.6%

As yam and rice prices soar

According to the National Bureau of Statistics, Nigeria’s inflation rate increased from 33.8 percent in October to 34.6 percent in November.

The rate is up 0.72 percent from the October 2024 rate, according to NBS’s consumer price index (CPI) report for November, which was released on Monday.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%)”, the bureau stated.

“This shows that the headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).

“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024″.

0.05% increase in food inflation

According to NBS, the annual rate of food inflation in November 2024 was 39.93 percent, which was 7% higher than the rate of 32.84 percent in November 2023.

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cere-als Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class)”, NBS said.

However, the bureau said that the food inflation rate in November 2024 was 2.98 percent on a month-over-month basis, indicating a 0.05 percent increase over the 2.94 percent rate in October 2024.

“The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc (Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class)”, the bureau added.

“The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67%, which was 11.58% points higher compared with the average annual rate of change recorded in November 2023 (27.09%)”.

Bauchi, Kebbi States with highest food inflation

Food inflation rates increased most in Bauchi (46.21 percent), Kebbi (42.41 percent), and Anambra (40.48 percent), according to the bureau’s state analysis.

However, compared to the previous year, Delta (26.47 percent), Benue (28.98 percent), and Katsina (29.57 percent) spent the least on food in November.

On a month-over-month analysis, the bureau found that Yobe (5.14 percent), Kebbi (5.10 percent), and Anambra (4.88 percent) had the highest rates of food inflation.

States like Adamawa (0.95 percent), Osun (1.12 percent), and Kogi (1.29 percent) saw the fewest increases in food inflation, according to the NBS.

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