The National Bureau of Statistics says Nigeria’s inflation rate rose to 34.6 percent in November -- up from 33.8 percent in October.
TheIn its consumer price index report for November published on Monday, NBS said the rate represents an increase of 0.72 percent compared to the October 2024 rate.
“This shows that the headline inflation rate increased in November 2024 compared to the same month in the preceding year .“Furthermore, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 . “The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Coco Yam, etc , Guinea Corn, Maize Grains, Rice, etc , Beer, Pinto , and Palm Oil, Vegetable Oil, etc ,” NBS said.
“The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc , Rice, Yam Flour, Millet Whole grain, Corn flour, etc , Agric Egg, Powered Milk, Fresh Milk, etc and Dried Beef, Goat Meat, Frozen Chicken, etc ,” the bureau said.“The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67%, which was 11.
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