The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate in November 2024 rose by 0.72% from 33.88% recorded in October to 34.60%.
According to a fresh NBS report, the inflation rate on a year-on-year basis was 6.40% points higher than the rate recorded in November 2023 which stood at 28.20%.
“This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the report stated.
The report stated that the corresponding twelve-month average for the urban inflation rate was 35.07% in November 2024, which was 9.62% points higher compared to the 25.45% reported in November 2023.
Similarly, the rural inflation rate in November 2024 was 32.27% on a year-on-year basis, which was 5.84% points higher compared to the 26.43% recorded in November 2023.
Meanwhile, on a month-on-month basis, the rural inflation rate in November 2024 was 2.51%, down by 0.02% points compared to 2.53% recorded in October 2024.
The corresponding twelve-month average for the Rural inflation rate in November 2024 was 30.71%, which presented 8.00% points higher compared to the 22.71% recorded in November 2023.
The Bureau further stated that Core Inflation, which excludes the prices of volatile agricultural produce and energy stood at 28.75% in November 2024 on a year-on-year basis; an increase of 6.36% points when compared to the 22.38% recorded in November 2023.
The report stated, “The highest increases were recorded in prices of the following items; Taxi journey per drop, Bus journey intercity, Journey by motorcycle, etc. (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, etc (Hairdressing salons & personal grooming establishments Class).”
But on a month-on-month basis, the Core Inflation rate was 1.83% in November 2024, down by 0.30% points from 2.14% recorded in October 2024.
It said, “The average twelve-month annual inflation rate was 26.64% for the twelve months ending November 2024, this was 6.29% points higher than the 20.35% recorded in November 2023.
“In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns which differ across States and locations.
“Accordingly, the weight assigned to a particular Food or Non-Food item may differ from State to State making interstate comparisons of consumption basket inadvisable and potentially misleading.”
It stated that All Items Inflation Rate in November 2024 on a Year-on-Year basis was highest in Bauchi state with 46.21%; followed by Kebbi with 42.41%; Anambra with 40.48%; while Delta with 27.47%; Benue with 28.98% and Katsina state with 29.57% recorded the lowest rise in headline inflation on Year-on-Year basis.
On a Month-on-Month basis, however, November 2024 recorded the highest increases in Yobe state with 5.14%; followed by Kebbi with 5.10%, and Kano with 4.88%; while Adamawa state with 0.95%; Osun with 1.12%, and Kogi state with 1.29%, recorded the slowest rise on Month-on-Month inflation.
