Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024, amidst further surge in costs of goods and services across the country.
On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows 0.05% points increase compared to the rate recorded in October 2024 (2.94%).
According to the statistics office, the rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sadine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.
The report noted that items driving this monthly increase included dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat.
Over the past 12 months, the average food inflation rate rose to 38.67%, a substantial increase of 11.58 percentage points compared to 27.09% in November 2023. Food inflation varied across states, with Bauchi recording the highest rate at 46.21%, followed by Kebbi (42.41%) and Anambra (40.48%). States with the lowest year-on-year food inflation were Delta (26.47%), Benue (28.98%), and Katsina (29.57%).
On a month-on-month basis, Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%) recorded the highest food inflation rates. Conversely, states with the slowest month-on-month rise were Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%). The NBS attributed the sustained rise in food prices to supply chain disruptions and increased demand across key staples.