Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling deepening economic hardship for the country’s citizens. The increase, reported by the National Bureau of Statistics (NBS), reveals a 0.72% rise in the month-on-month inflation rate.
This rise in inflation marks a significant jump from the 28.20% recorded in November 2023, reflecting a 6.40% year-on-year increase. A major driver of this inflation is the rising cost of food, which pushed food inflation to 39.93% in November, up from 39.19% in October.
The report further highlighted that urban inflation reached 37.10%, while rural inflation stood at 32.27%, showing a more pronounced impact in urban areas.
Despite the Central Bank of Nigeria’s (CBN) continuous monetary policy interventions to curb inflation, including interest rate hikes, the cost of living continues to rise. In November, the CBN raised the country’s interest rate to 27.50%, up from 27.25%, in a bid to combat inflation. However, these measures have yet to bring down the high prices of goods and services, which continue to burden Nigerians.
This inflation spike follows a brief period of decline in July and August 2024, highlighting the ongoing challenges in managing the nation’s economy.
