Mkpoikana Udoma
Port Harcourt — Nigeria’s headline inflation rate rose to 34.60% in November 2024, marking a 0.72% increase from the previous month’s rate of 33.88%, according to the latest data from the National Bureau of Statistics, NBS.
This marks a significant uptick in the inflation rate, highlighting persistent price pressures in the economy.
On a year-on-year basis, November’s inflation rate was 6.40% higher than the 28.20% recorded in November 2023, showing a notable rise in inflation over the past year.
However, on a month-on-month basis, the inflation rate slightly eased, with a recorded 2.638% in November, just slightly lower than the 2.640% recorded in October 2024.
While the month-on-month rate shows a small deceleration, the overall trend remains upward, reflecting continued inflationary pressures across key sectors like food, energy, and transportation.
These figures indicate that inflation continues to rise at an alarming rate, putting significant strain on households and the economy as a whole.
