Nigeria’s Inflation Rate Surges to 34.60% in November 2024
Nigeria’s Inflation Rate Surges to 34.60% in November 2024
The National Bureau of Statistics (NBS) has reported a further increase in Nigeria’s inflation rate, which rose to 34.60% in November 2024, up from 33.88% in October. This marks the continuation of an upward trend that began in September after a brief two-month decline earlier this year.
Key Highlights:
1️⃣ Year-on-Year Inflation: The November 2024 inflation rate is 6.40 percentage points higher than the 28.20% recorded in November 2023.
2️⃣ Month-on-Month Inflation: While inflation increased year-on-year, the month-on-month rate in November was 2.638%, slightly lower than October’s 2.640%.
Food Inflation at a Record High :
• The food inflation rate soared to 39.93% year-on-year in November, a significant rise of 7.08 percentage points from the 32.84% recorded in November 2023.
• Food price surges remain a major contributor to the rising inflation, highlighting the persistent challenges within Nigeria’s agricultural and supply chain sectors.
Implications
The higher inflation rate indicates rising costs across goods and services, affecting household purchasing power and increasing economic pressure. Experts suggest this trend calls for urgent intervention to stabilize food supply and address monetary pressures.
Let’s discuss: What measures should the government take to curb this persistent inflation? Share your thoughts!
The National Bureau of Statistics (NBS) has reported a further increase in Nigeria’s inflation rate, which rose to 34.60% in November 2024, up from 33.88% in October. This marks the continuation of an upward trend that began in September after a brief two-month decline earlier this year.
Key Highlights:
1️⃣ Year-on-Year Inflation: The November 2024 inflation rate is 6.40 percentage points higher than the 28.20% recorded in November 2023.
2️⃣ Month-on-Month Inflation: While inflation increased year-on-year, the month-on-month rate in November was 2.638%, slightly lower than October’s 2.640%.
Food Inflation at a Record High :
• The food inflation rate soared to 39.93% year-on-year in November, a significant rise of 7.08 percentage points from the 32.84% recorded in November 2023.
• Food price surges remain a major contributor to the rising inflation, highlighting the persistent challenges within Nigeria’s agricultural and supply chain sectors.
Implications
The higher inflation rate indicates rising costs across goods and services, affecting household purchasing power and increasing economic pressure. Experts suggest this trend calls for urgent intervention to stabilize food supply and address monetary pressures.
Let’s discuss: What measures should the government take to curb this persistent inflation? Share your thoughts!
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