Nigeria's inflation rate rose for the third straight month in November, advancing to 34.60% in annual terms from 33.88% in October, data from the statistics agency showed on Monday. The uptick in inflation,

Nigeria’s headline inflation rose to 34.60% in November 2024 reflecting a further surge in the costs of goods and services

The NBS attributed the rise in the inflation rate in November 2024 to the Food inflation rate, which was 39.93 per cent on a year-on-year basis, indicating 7.08 percentage points higher than the 32.84 per cent recorded in November 2023.

Breaking down the figures, the NBS revealed that urban inflation rose significantly, hitting 37.10% in November 2024 on a year-on-year basis.

The Food inflation rate in November 2024 was 39.93 per cent on a year-on-year basis, 7.08 per cent points higher than the rate recorded in November 2023.

High inflation is not the end but rather a call to action—transforming the current crisis into a catalyst for economic renewal.

The persistent rise in inflation in Ghana and Nigeria will stifle economic growth, Deloitte West Africa has revealed in its November 2024 Inflation Update. According to the leading professional services firm, businesses face higher costs while consumers have cut spending, worsening the ongoing cost of living crisis.

Nigeria's inflation rate increased to 34.6% in November 2024, up from 33.8% in October, according to the National Bureau of Statistics (NBS).

Nigerian economists and financial analysts said the federal government must reevaluate its policies around critical sectors such as manufacturing, agriculture, and energy sectors to bring down rising inflation.

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