From Our correspondent
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 34. 6 per cent in November, up by 0.8 per cent in October.
TheNewsZenith reports that NBS published its latest consumer price index (CPI) data for November, on Monday.
It stated that the rate represents an increase of 0.72 per cent compared to the October 2024 rate.
“On a year-on-year basis, the Headline inflation rate was 6.40 per cent points higher than the rate recorded in November 2023 (28.20 per cent).
“This shows that the headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (November 2023).
“Also, on a month-on-month basis, the headline inflation rate in November 2024 was 2.638 per cent.
“This was 0.002 per cent points lower than the rate recorded in October 2024 (2.640 per cent).
“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,” TheNewsZenith quotes the bureau as stating.
NBS also noted that the food inflation rate in November 2024 was 39.93 per cent on a year-on-year basis.
This showed a seven per cent higher than the 32.84 per cent rate recorded in November 2023.
According to the statistical agency, increases in prices of some items caused the rise in food inflation on a year-on-year basis.
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Food items whose prices showered are Coco-yam, Yam, Water Yam, etc (Potatoes, Yam & other Tubers Class). Others are Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class).
Beer, Pinto (Tobacco Class) and Palm Oil, Vegetable Oil, etc (Oil and Fats Class) also witnessed price hikes.
However, on a month-on-month basis, the bureau said the food inflation rate in November 2024 was 2.98 per cent, indicating a 0.05 percentage points increase compared to the 2.94 per cent rate recorded in October 2024.
For state analysis, the Bureau said the food inflation rate rose the highest in Bauchi (46.21 per cent), Kebbi (42.41 per cent), and Anambra (40.48 per cent).
Other states like Delta (26.47 per cent), Benue (28.98 per cent), and Katsina (29.57 per cent) spent the lowest on food in November on a year-on-year basis.
NBS reported that Yobe (5.14%), Kebbi (5.10%) and Anambra (4.88%) experienced the highest month-on-month food inflation. Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) saw the slowest increases.
It attributed the rise to the rate of increase in the average prices of mudfish, dried catfish, dried fish sardine, etc (Fish Class) and rice, yam flour, millet whole grain, corn flour, etc (Bread and Cereals Class).
Others are Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class).
“The average annual rate of food inflation for the twelve months, ending November 2024 over the previous twelve-month average is 38.67%.
“This was 11.58% points higher, compared with the average annual rate of change recorded in November 2023 (27.09%),” the Bureau stated.
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