Nigeria’s Inflation Hits 34.6% in November 2024
Nigeria’s inflation rate rose to 34.60 percent in November 2024, up from 33.88 percent in October, signaling growing economic hardship for the country’s citizens. The latest figures from the National Bureau of Statistics show that the country’s overall inflation increased by 0.72 percent on a month-to-month basis. Compared to the same period in 2023, inflation rose by 6.40 percent, with November 2023 recording a rate of 28.20 percent.
The sharp rise in food prices was a major contributor to the inflation, with food inflation reaching 39.93 percent in November, up from 39.19 percent in October. This increase in the cost of food has further strained household budgets, making everyday essentials even harder to afford for many Nigerians. The report also revealed that inflation in urban areas stood at 37.10 percent, while rural inflation was slightly lower at 32.27 percent.
This inflation surge comes despite ongoing monetary policy interventions by the Central Bank of Nigeria (CBN). The CBN, under the leadership of Olayemi Cardoso, has consistently raised interest rates as part of its efforts to combat rising inflation. The most recent rate hike occurred in November when the CBN’s Monetary Policy Committee increased the interest rate to 27.50 percent, up from 27.25 percent.
While inflation rates declined in July and August 2024, the cost of goods and services has remained elevated, continuing to impact the daily lives of Nigerians. Despite the central bank’s monetary tightening measures, prices have not seen significant relief, leaving many Nigerians grappling with higher living costs.
