The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate rose to 34.6 percent in November 2024, marking an increase from 33.8 percent recorded in October. This was revealed in the NBS Consumer Price Index (CPI) report for November, which was released on Monday. The data indicates a 0.72 percentage point increase in the inflation rate compared to the previous month.
According to the report, on a year-on-year basis, the headline inflation rate in November 2024 was 6.40 percentage points higher than the rate recorded in November 2023, which stood at 28.20 percent. This rise reflects a consistent increase in the general price level when compared to the same period in the previous year.
The NBS further explained that on a month-on-month basis, the headline inflation rate for November 2024 was 2.638 percent, a slight decrease of 0.002 percentage points from the 2.640 percent recorded in October 2024. This suggests that the rate at which prices increased in November was marginally slower compared to the rate observed in October.
Food Inflation Overview
The report also highlighted an increase in food inflation, which stood at 39.93 percent on a year-on-year basis in November 2024. This represents a 7 percentage point rise compared to the 32.84 percent recorded in November 2023.
The NBS attributed the surge in food inflation to rising prices of essential items, including:
Tubers: Yam, Water Yam, and Coco Yam (Potatoes, Yam & Other Tubers Class).
Cereals and Grains: Guinea Corn, Maize, and Rice (Bread and Cereals Class).
Oils and Fats: Palm Oil and Vegetable Oil.
Tobacco Products: Including Beer and Pinto.
On a month-on-month basis, food inflation in November 2024 stood at 2.98 percent, reflecting a 0.05 percentage point increase from the 2.94 percent recorded in October 2024. The rise was driven by the increasing prices of items such as:
Fish: Mudfish, Catfish (Dried), and Sardine.
Cereals and Grains: Rice, Yam Flour, Millet, and Corn Flour.
Milk and Eggs: Agricultural Eggs, Powdered Milk, and Fresh Milk.
Meat Products: Dried Beef, Goat Meat, and Frozen Chicken.
The NBS also noted that the average annual food inflation rate for the 12 months ending November 2024 was 38.67 percent. This marks an increase of 11.58 percentage points compared to the average annual rate of 27.09 percent recorded in November 2023.
State Analysis of Food Inflation
The NBS provided a state-by-state analysis of food inflation, highlighting the areas with the highest and lowest rates.
- States with the Highest Year-on-Year Food Inflation:
Bauchi: 46.21 percent
Kebbi: 42.41 percent
Anambra: 40.48 percent
- States with the Lowest Year-on-Year Food Inflation:
Delta: 26.47 percent
Benue: 28.98 percent
Katsina: 29.57 percent
On a month-on-month basis, the highest food inflation rates were recorded in:
Yobe: 5.14 percent
Kebbi: 5.10 percent
Anambra: 4.88 percent
In contrast, states with the slowest rise in food prices on a month-on-month basis were:
Adamawa: 0.95 percent
Osun: 1.12 percent
Kogi: 1.29 percent
The report underscores the growing inflationary pressures in Nigeria, particularly in food prices, which continue to affect both rural and urban households. The NBS data provides a comprehensive breakdown of the rising cost of living and regional disparities in food price inflation.
