Nigeria?s inflation rate spikes to 34.60 percent in November amid hardship

Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for the populace.

According to the NBS’ latest Consumer Price Index and Inflation for November,  the country’s headline or all-items inflation increased by 0.72 percent on a month-on-month basis.

The report also showed that Nigeria’s inflation increased by 6.40 percent compared to 28.20 percent recorded from November 2022 to November 2023.

The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in Octoberand also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.
 

The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s hike in interest rates with rising inflation as justification.
 

The latest hike was in November when the CBN 297th Monetary Policy Committee decided to raise the country’s interest rate to 27.50 percent from 27.25 percent.