Nigeria’s inflation rate has risen from 33.8 percent in October to 34.6 percent in November, the National Bureau of Statistics, has said.
This was revealed in its Consumer Price Index (CPI) report for November published on Monday.
The NBS said the rate represents a rise of 0.72 percent compared to the October 2024 rate.
The report said, “On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%),” the bureau said.
“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).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).
“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.”
