From Victor Osula, Abuja
Nigeria’s annual inflation rate jumped to 34.60 percent in November, from 33.88 percent recorded in October, the National Bureau of Statistics (NBS) said in its latest Consumer Price Index (CPI) report on Monday.
According to the Bureau, the November 2024 headline inflation rate showed an increase of 0.72 percent points compared to the October 2024 headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the 28.20 percent rate recorded in November 2023. This shows that the year-on-year headline inflation rate increased in November 2024 compared to the same month in the preceding year of November 2023.
“On a month-on-month basis, the Headline inflation rate in November 2024 was 2.638 percent, which was 0.002 percentage points lower than the 2.640 percent recorded in October 2024. This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.
“The percentage change in the average CPI for the twelve months ending November 2024 over the average for the previous twelve-month period was 32.77%, showing 8.76% points increase compared to 24.01% recorded in November 2023.
“The Urban inflation rate on a year-on-year basis, in November 2024 was 37.10 percent, indicating 6.88 percentage points higher compared to the 30.21 percent recorded in November 2023.
“On a month-on-month basis, the Urban inflation rate was 2.77 percent in November 2024, showing 0.02 percentage points higher compared to 2.75 percent recorded in October 2024.
“The corresponding twelve-month average for the Urban inflation rate was 35.07 percent in November 2024, and this was 9.62 percentage points higher compared to the 25.45 percent reported in November 2023.
“Rural inflation rate in November 2024 was 32.27 percent on a year-on-year basis. This was 5.84 percentage points higher compared to the 26.43 percent recorded in November 2023.
“On a month-on-month basis, the rural inflation rate in November 2024 was 2.51 percent, down by 0.02 percentage points compared to 2.53 percent recorded in October 2024.
“The corresponding twelve-month average for the Rural inflation rate in November 2024 was 30.71%. This was 8.00% points higher compared to the 22.71% recorded in November 2023”, the NBS said.
According to the Bureau, the rise in Food inflation on a year-on-year basis was caused by increases in prices of Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class).
On a month-on-month basis, the Food inflation rate in November 2024 was 2.98 percent, which shows a 0.05 percentage point increase compared to the 2.94 percent recorded in October 2024.
“The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sardine (Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class)”, the NBS explained.
The average annual rate of Food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 percent, which was 11.58 percentage points higher compared with the 27.09 percent average annual rate of change recorded in November 2023.
The NBS further highlighted that “all items less farm produces and energy or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.75% in November 2024 on a year-on-year basis; an increase of 6.36% points when compared to the 22.38% recorded in November 2023.
“In November 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (46.21%), Kebbi (42.41%), Anambra (40.48%), while Delta (27.47%), Benue (28.98%) and Katsina (29.57%) recorded the lowest rise in Headline inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, November 2024 recorded the highest increases in Yobe (5.14%), Kebbi (5.10%), Kano (4.88%), while Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) recorded the slowest rise on Month-on-Month inflation.
“Food Inflation In November 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise in Food inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, November 2024 Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise in Food inflation on Month-on-Month basis.”
