Nigeria’s inflation hits 34.6%

Nigeria’s headline inflation rate climbed to 34.60% in November 2024, up from 33.88% recorded in October, according to the National Bureau of Statistics (NBS).

The latest Consumer Price Index (CPI) report released on Monday revealed a 0.72 percentage point increase in the inflation rate, reflecting the rising cost of goods and services.

“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),” the Bureau said.

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