Nigeria’s headline inflation climbed to 34.6% in November 2024, reflecting a persistent surge in the cost of goods and services nationwide.
The latest Consumer Price Index (CPI) figures, released by the National Bureau of Statistics (NBS), reveal a 0.72 percentage point increase from the 33.88% recorded in October.
Also Read: Nigeria’s Inflation Rate Hits 33.88% in October, Driven by Food and Transport Costs
Year-on-year, the inflation rate surged by 6.4 percentage points compared to the 28.2% reported in November 2023. However, on a month-on-month basis, the inflation rate in November 2024 stood at 2.638%, marginally lower than the 2.640% seen in October.
This indicates a slight slowdown in the pace of price increases between October and November, though the overall cost of living continues to rise steeply.
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