Inflation rate in Nigeria has risen to 34.60 percent in November 2024, reflecting a 0.72 percent increase from October’s rate of 33.88 percent.
This according to the latest Consumer Product Index report released by the National Bureau of Statistics on Monday.
The development marks a significant year-on-year rise with the November rate being 6.40 percentage points higher than the 28.20 percent recorded in November 2023.
The rise in inflation is largely driven by food price increases, which continue to place a strain on Nigeria households. On a month-on-month basis, the headline inflation rate showed a marginal slowdown, standing at 2.638 percent in November compared to 2.640 percent in October.
-9News Nigeria.
