Nigeria’s Inflation rate rose by 0.72% points to 34.60% in November 2024 from 33.88% in October 2024, marking the third month of consecutive increase.
On a year-on-year basis, the headline inflation rate was 6.40% points higher compared to 28.20% in 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 at 2.640%. This means that in November 2024, the rate of increase in the average price level was lower than the rate of increase in the average price level in the previous month.
The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Bread and Cereals, Potatoes, Yam & Other Tubers Class, Tobacco class and Oil & Fats Class while the increase in the Core inflation rate can be attributed to the increases in the price of Transportation, Rent and Services.
In November 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (46.21%), Kebbi (42.41%), Anambra (40.48%), while Delta (27.47%), Benue (28.98%) and Katsina (29.57%) recorded the lowest rise in Headline inflation. On a Month-on-Month basis, however, the highest increases were recorded in Yobe (5.14%), Kebbi (5.10%), Kano (4.88%), while Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) recorded the slowest increase.
In November 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise. On a Month-on-Month basis, however, Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise.
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