Economy And Business

BREAKING: Nigeria’s Inflation Rate Hits 34.60% For November 2024

the National Bureau of Statistics (NBS) disclosed this in the November Consumer Price Index and Inflation (CPI) report released on Monday.

Advertisement
Advertisement

Nigeria’s Inflation Rate has hit 34.60% for November 2024.

 

NewsOnline Nigeria reports that Nigeria’s inflation rate has risen from 33.88 percent in October to 34.60 percent in November.

 

This Nigeria news platform understands that the National Bureau of Statistics (NBS) disclosed this in the November Consumer Price Index and Inflation (CPI) report released on Monday.

 

According to the report, the increase in November was by 0.72 percent. The report showed an increase of 6.40 percent when compared with the report of November 2023.

 

ALSO: President Tinubu Postpones 2025 Budget Presentation

 

“In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 headline inflation rate of 33.88%. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72% points compared to the October 2024 Headline inflation rate.

 

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (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),” it read.

 

However, the report showed that the increase in the average price in November was slower than in October 2024.

 

Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%).

 

“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,” it stated.

 

The report also disclosed that Nigeria’s food inflation was 39.93%.

Advertisement
Adebimpe Ogunṣuyi

Recent Posts

  • Economy And Business

BREAKING: President Tinubu Postpones 2025 Budget Presentation

President Tinubu has postponed the 2025 budget presentation to joint NASS.   NewsOnline Nigeria reports…

13 minutes ago
  • Crime Watch

BREAKING: EFCC Arrests 792 Foreigners Over Romance, Investment Scam In Lagos

EFCC has arrested 792 foreigners over romance and investment scams in Lagos State.   NewsOnline…

20 minutes ago
  • Brands & Marketing

UBA Donates N500 Million to Lagos State Security Trust Fund (PHOTOS)

UBA has donated N500 million to the Lagos State Security Trust Fund and pledges support…

27 minutes ago
  • Crime Watch

BREAKING: FG Launches Investigation Against Azman Air Over Serious Allegation

FG has launched an investigation against Azman Air over a serious allegation.   NewsOnline Nigeria…

3 hours ago
  • 2023 Elections

BREAKING: Supreme Court Imposes N5m On Ex-Presidential Candidate

Supreme Court has imposed N5m on an Ex-Presidential Candidate seeking to remove Tinubu from office.…

3 hours ago
  • Brands & Marketing

Viju Industries Spreads Christmas Cheer with “Celebrate Their Brilliance” Initiative

Viju Industries has spread Christmas cheer with the "Celebrate Their Brilliance" Initiative.   NewsOnline Nigeria…

4 hours ago