Nigeria’s Inflation Rate Hits 34.60% in November Amid Rising Hardship
Nigeria’s inflation rate surged to 34.60% in November 2024, up from 33.88% in October, signaling worsening economic challenges for citizens. This increase is detailed in the National Bureau of Statistics’ latest Consumer Price Index for November. The report indicates that headline inflation rose by 0.72% on a month-on-month basis. Inflation has also jumped 6.40% compared to November 2023, when it stood at 28.20%. The rise in food prices contributed to a spike in food inflation, reaching 39.93% in November, up from 39.19% in October. Urban inflation reached 37.10%, while rural inflation stood at 32.27%. This inflation surge comes despite ongoing monetary policy interventions by the Central Bank of Nigeria (CBN). Under the leadership of Olayemi Cardoso, the CBN has implemented several interest rate hikes, the latest being a rise to 27.50% in November, citing inflation as the primary justification. Despite these measures, the cost of goods and services remains high, further burdening Nigerians. However, inflation rates had shown some decline in July and August 2024.
