The National Bureau of Statistics (NBS) has revealed a rise in Nigeria’s inflation rate to 34.60% in November 2024 from 33.88% in October 2024 according to the latest Consumer Price Index (CPI) which measures the rate of change in prices of goods and services.
According to the data organisation on Monday, the November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). 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),” the Bureau said.
Significantly, the food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).
The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish, sardine, rice, yam, flour, millet whole grain, corn flour, agric egg, powdered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.
Nigeria’s Food and commodity inflation have continuously increased as prices of food commodities have reached an all time high, one of the worst case scenarios the country has experienced.
The cause for this rise in price is not a secret. While foreign institutions such as the IMF and world bank had advocated for removal of energy subsidies, and floated the naira, President Tinubu had implemented the policy, causing fuel prices to reach more than 4 times its previous price.
The floating of the naira also saw the currency taking a nosedive, with the naira struggling at N1600 per dollar.
Food items such as Onions and Vegetable oil have become similar to gold. The yuletide season has encouraged traders to cost their goods to fit the season too.
The inflationary pressures remain extreme for the average Nigerian.
