Nigeria’s Inflationary trend has remained upward going targeting over 35 percent by 2025 as November, 2024 figure hits 34.60 percent.
This indication emerged as November inflation showed an increase of 0.72% points compared to the October 2024 headline inflation rate of 33.88 percent.
As in previous rates, the National Bureau of Statistics (NBS), in its released Consumer Price Index (CPI) on Monday, explained that the November inflation rate was driven by increase in prices of foods and non-alcoholic beverages.
According to the Statistician General of the Federation, Prince Adeyemi Adeniran in a statement: “The headline Inflation rate for November 2024, on a year-on-year basis, increased to 34.60% relative to the October 2024 headline inflation rate of 33.88%.
“Looking at the headline trend, the November 2024 headline inflation rate showed an increase of 0.72% points compared to the October 2024 headline inflation rate.
“Similarly, on a year-on-year basis, the headline inflation rate was 6.40% points higher compared to the rate recorded in November 2023 (28.20%).
The increase in the headline index for November 2024 was attributed to the rise in the average price of some items in the basket of goods and services at the divisional level.
“These increases were observed in Food and non-alcoholic Beverages (17.92%), Housing, Water, Electricity, Gas & other Fuel (5.79%), Clothing & Footwear (2.65%), Transport (2.25%), Furnishings & Household Equipment & maintenance (1.74%), Education (1.36%) and Health (1.04%). Also, Miscellaneous Goods & Services (0.58%), Restaurants & Hotels (0.42%), Alcoholic Beverages, Tobacco & Kola (0.38%), Recreation & Culture (0.24%) and Communication (0.24%).
“The Food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher compared to the rate recorded in November 2023 (32.84%). 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, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class).”
Further, he disclosed that the Urban consumer’s inflation rate on a year-on-year basis stood at 37.10% for November 2024, showing a 6.88% point higher compared to the 30.21% recorded in the corresponding month in the year 2023.
“On a month-on-month basis, the Urban inflation rate grew by 2.77% in November 2024, which shows an increase of 0.02% compared to 2.75% in October 2024.
“The twelve-month average annual inflation rate ending November 2024 over the corresponding twelve-month period, Urban inflation rate was 35.07%. This was 9.62% points higher compared to the 25.45% reported in November 2023.
“The Rural consumer’s sub-index in November 2024 was 32.27% on a year-on-year basis. This was 5.84% higher compared to the 26.43% recorded in November 2023.
“On a month-on-month basis, the Rural sub-index in November 2024 was 2.51%, down by 0.02% points compared to October 2024 (2.53%).
“The twelve-month average annual inflation rate ending November 2024 over the corresponding twelve-month period, Rural inflation rate was 30.71%. This was 8.00% higher compared to 22.71% recorded in November 2023”, said the Statistician General.
Prince Adeniran also explained that the analyses of the states showed that the all-item index for November 2024, on a year-on-year basis was highest in Bauchi (46.21%), Kebbi (42.41%), Anambra (40.48%), while Delta (27.47%), Benue (28.98%) and Katsina (29.57%) recorded the lowest rise in Headline inflation on Year-on-Year basis.
“On a month-on-month basis, November 2024 recorded highest increases in Yobe (5.14%), Kebbi (5.10%), Kano (4.88%), while Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) recorded the slowest rise.
“State-level analyses of the food index in November 2024, on a year-on-year basis, showed the highest increases in Sokoto (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise.
“On a month-on-month basis, however, November 2024 Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise in Food inflation”, he added
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