A bleak Yuletide looms for Nigerians as the country’s inflation rate climbed to 34.60% in November 2024, up from 33.88% in October, deepening economic hardship across the nation.
This is according to the latest Consumer Price Index (CPI) and Inflation Report by the National Bureau of Statistics (NBS).
On a month-on-month basis, the report revealed a 0.72% rise in headline inflation, marking a significant increase compared to the 28.20% recorded in November 2023.
Food inflation, a major driver of the overall rise, jumped to 39.93% in November, up from 39.19% in October.
Urban inflation was recorded at 37.10%, while rural inflation stood at 32.27%, highlighting a widespread cost-of-living crisis across the country.
The hike in prices of goods and services persists despite the Central Bank of Nigeria’s (CBN) monetary tightening measures under Governor Olayemi Cardoso.
The CBN’s Monetary Policy Committee raised the benchmark interest rate to 27.50% in November, following a prior hike to 27.25%.
However, these interventions have yet to yield significant relief, as prices of goods and services remain elevated, worsening living conditions for many Nigerians.
The latest rise in figure contrasts with the declining rates observed in July and August 2024, further underscoring the volatile state of Nigeria’s economy.
