inflation rate rises again in Nigeria
The inflation rate in Nigeria has climbed to 34.6% in November 2024, reflecting an increase from October’s 33.88%, as revealed by the National Bureau of Statistics (NBS).
The latest Consumer Price Index (CPI) report pointed to rising costs of goods and services nationwide.
This marks a 0.72% point rise within a month, showing continued upward pressure on prices.
Year-on-year data presented an even more concerning trend, with the November 2024 rate standing 6.4% higher than the 28.2% recorded in November 2023.
This reflects a challenging economic environment as households grapple with sustained increases in food prices, transportation costs, and other essentials.
Key contributors to the rise include disruptions in agricultural supply chains, grain hoarding, and currency pressures, further worsening food inflation.
The report revealed that the prices of staple items like grains, vegetables, and other food products played a major role in driving the surge.
