Nigeria’s inflation rate increased to 34.60% in November 2024, up from 33.88% in October, according to the National Bureau of Statistics (NBS). This marks a continued rise after September’s reversal of a two-month decline. On a year-on-year basis, the November inflation rate was 6.40% higher than November 2023.
Month-on-month, the inflation rate rose by 0.72%, but the rate of increase slightly slowed compared to October, with a 2.638% rise in November, down from 2.640% in October. Food inflation also surged to 39.93%, up 7.08% from the previous year’s rate of 32.84%.
