Kehinde Fajobi
Nigeria’s inflation rate climbed to 34.6% in November 2024, up from 33.8% in October, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The year-on-year increase represents a sharp rise of 6.4 percentage points compared to the 28.2% recorded in November 2023.
Month-on-month inflation grew by 2.638% in November, showing a marginal slowdown from October’s 2.64%, the NBS revealed.
“This indicates that while prices are still increasing, the rate of monthly price growth slowed slightly in November 2024 compared to October,” the bureau noted.
Food inflation saw a significant surge, reaching 39.93% in November 2024 compared to 32.84% in November 2023.
On a month-on-month basis, food inflation rose by 2.98%, slightly above October’s 2.94%.
The NBS cited rising prices of key staples, including yam, rice, millet, dried fish, and powdered milk, as the main drivers.
Over the past 12 months, the average food inflation rate reached 38.67%, a substantial jump from 27.09% in November 2023.
Regional Inflation Trends
The report highlighted variations in food inflation across states. Bauchi recorded the highest year-on-year food inflation at 46.21%, followed by Kebbi (42.41%) and Anambra (40.48%).
Delta (26.47%), Benue (28.98%), and Katsina (29.57%) had the lowest rates.
On a month-on-month basis, Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%) experienced the highest increases, while Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%) recorded the slowest.
Key Drivers of Food Inflation
The report identified the following food categories as major contributors to inflation:
Tubers: Yam, water yam, and cocoyam
Cereals: Maize, rice, and millet
Fish: Dried catfish, sardines, and mudfish
Dairy: Powdered milk and fresh milk
Meat: Dried beef, goat meat, and frozen chicken
The NBS attributed the rising food prices to supply chain disruptions and increased demand across staple categories.
The persistent inflationary pressures underline the urgent need for policy measures to stabilise food supply, streamline distribution channels, and curb rising costs, particularly in agriculture and food production.