Economy
JUST IN: Nigeria’s Inflation Rate Continues Upward Trend
Nigeria’s inflation rate rose to 34.60% in November 2024, up from 33.88% recorded in October, according to the latest data released by the National Bureau of Statistics (NBS) on Monday. The increase highlights a continued upward trend in inflation since September, following a brief two-month decline earlier in the year.
The NBS reported that November’s inflation rate was 0.72 percentage points higher than October’s and 6.40 percentage points higher than the 28.20% recorded in November 2023. On a month-on-month basis, inflation in November stood at 2.638%, showing a marginal decrease of 0.002 percentage points compared to the October figure of 2.640%.
The report noted that while prices continued to rise, the pace of monthly increases slightly slowed between October and November 2024.
Food inflation remained a significant driver, with the rate reaching 39.93% year-on-year in November 2024, marking a 7.08 percentage point jump from the 32.84% recorded in November 2023.
More to follow…….
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