Nigeria’s inflation rate for November 2024 has risen to 34.60%, up from 33.88% in October, signaling worsening economic hardship for Nigerians.
This was revealed in the National Bureau of Statistics’ latest report on the Consumer Price Index and Inflation for November.
The report showed a month-on-month increase of 0.72% in the country’s overall inflation rate. Additionally, inflation has surged by 6.40% compared to the 28.20% recorded in November 2023.
The rise in food prices has contributed significantly to the inflation, pushing food inflation to 39.93% in November, up from 39.19% in October.
Urban inflation stood at 37.10%, while rural inflation was slightly lower at 32.27%.
Despite the Central Bank of Nigeria’s (CBN) ongoing monetary policy interventions, which have included multiple interest rate hikes, inflation continues to climb. The CBN, under the leadership of Olayemi Cardoso, raised the country’s interest rate to 27.50% in November from 27.25%, citing inflation as the key reason for the increase.
However, these measures have not led to a decrease in the cost of goods and services, leaving many Nigerians grappling with high living costs. It is worth noting that inflation had shown signs of slowing down in July and August 2024, but it has since resumed its upward trend.
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