Nigeria’s inflation rate spikes to 34.60 percent in November amid hardship

Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians.

This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November.

The report showed that the country’s headline or all-items inflation increased by 0.72 percent on a month-on-month basis.

Also, Nigeria’s inflation increased by 6.40 percent compared to 28.20 percent recorded in November 2023.

The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in October.

The report also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.

The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.

The apex bank, led by Olayemi Cardoso, consistently had a hike in interest rates with rising inflation as justification.

The latest hike was in November when the CBN 297th Monetary Policy Committee decided to raise the country’s interest rate to 27.50 percent from 27.25 percent.

Despite CBN’s monetary interventions, the prices of goods and services have remained elevated, impacting the cost of living for the majority of Nigerians.

Meanwhile, in July and August 2024, Nigeria witnessed declining inflation rates.