Nigeria’s headline inflation increases to 34.60% in November, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s headline inflation increases by 72basis points to 34.60per cent in November 2024 from 33.88 per cent reported in October 2024.
According to NBS, the on a month-on-month basis, headline inflation was steady at 2.64 per cent in November 2024 from 2.64 per cent in October 2024.On food inflation, it expanded by 77basis points to 39.93per cent in November from 39.10 per cent in October: 39.16.
The report stated that, “The rise in Food inflation on a year-on year basis was caused by increases in prices of the following items: Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil (Oil and Fats Class).
“On a month-on-month basis, food prices surged by five basis points to 2.98per cent (October: 2.94per cent m/m).
“In the same vein, core inflation (All items less farm produce and energy) increased by 38basis points to 28.75per cent y/y (October: 28.37per cent y/y). The highest increases were recorded in prices of the following items: Taxi journey per drop, Bus journey intercity, Journey by motorcycle (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), and hair cut service, women’s hairdressing (Hairdressing salons & personal grooming establishments Class).”
Meanwhile, the core index eased by 30bps to 1.83per ceent m/m compared to the 2.14per cent m/m in the previous month.
