The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate rose to 34.60% in November 2024, marking an increase from the 33.88% recorded in October 2024.

On a month-on-month basis, the headline inflation rate stood at 2.64%, reflecting sustained upward price pressures across key economic sectors.

Food inflation, a significant driver of the overall inflation rate, surged to 39.93% year-on-year, up from 32.84% in November 2023. This sharp rise highlights escalating costs of food items, exacerbating household spending and posing challenges for economic stability.

Further analysis indicates that inflationary pressures persist amid rising energy costs and other core economic sub-indices. In the core inflation sub-index (energy included), prices rose by 28.75% year-on-year, up from 22.38% recorded in November 2023. On a monthly basis, core inflation grew by 1.83%, a slight decrease from 2.14% in October 2024.

With inflation rates continuing their upward trajectory, economic observers point to structural reforms and targeted interventions as critical tools to stabilize prices and improve affordability for Nigerians.

The NBS report underscores the urgent need for coordinated policy measures to address inflationary pressures and ensure food security as Nigeria navigates a challenging economic landscape.