JUST IN: FOOD PRICES RISE AS NIGERIA’S INFLATION HITS 34.6% IN NOV 2024
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The National Bureau of Statistics (NBS) reported on Monday that Nigeria’s headline inflation rate increased from 33.88% in October 2024 to 34.60% in November 2024.
According to NBS’s most recent Consumer Price Index (CPI) data, which tracks the rate of change in prices of goods and services, the November inflation rate increased by 0.72 percentage points from the October 2024 inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.
The food inflation rate in November 2024 was noteworthy because it was 39.93% year over year, which was 7.08 percentage points higher than the rate in November 2023 (32.84%).
The food inflation rate in November 2024 was 2.98% on a month-over-month basis, indicating a 0.05% increase over the rate of 2.94% in October 2024.
The rate at which the average costs of mudfish, dried catfish, dried fish, sardines, rice, yam flour, millet whole grain, maize flour, agricultural eggs, powdered milk, fresh milk, dry beef, goat meat, and frozen chicken have increased is the reason for the rise in food inflation.
As Nigerians struggle with what may be the biggest cost of living crisis since the nation’s independence more than 60 years ago, food and commodity inflation has soared.
The World Bank and the International Monetary Fund, two Bretton Woods institutions, had pushed for the elimination of energy subsidies and the naira’s floating, claiming that Nigeria was experiencing extreme inflationary pressures as a result of the two economic programs’ failure.
President Bola Tinubu floated the naira and eliminated the petrol subsidy following his inauguration in May 2023. In several regions of the country, the price of gasoline more than tripled, rising from less than N200 per litre to over N1,100. Additionally, the value of the naira plummeted, swaying from about N700/$ to N1,600.
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