Nigeria’s inflation rate spiked to 34.60 percent in November.
The country’s inflate rate stood at 33.88 per cent in October.
The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index (CPI) report for November released on Monday.
The report showed that the country’s headline inflation increased by 0.72 percent on a month-on-month basis.
This recent hike came after a short reprieve in July and August 2024 when Nigeria witnessed declining inflation rates.
This report also indicated that Nigeria’s inflation increased by 6.40 percent year-on-year when compared to 28.20 percent recorded in November 2023.
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The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 per cent in October.
The report also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent respectively.
The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.
The apex bank has consistently raised the interest rates with rising inflation mentioned as the reason.
The CBN had during its 297th Monetary Policy Committee meeting in November raised the country’s interest rate to 27.50 percent from 27.25 percent.
By: Babajide Okeowo
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