Nigeria’s inflation rate has surged yet again, reaching a staggering 34.6% in November 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.
This marks an increase from 33.8% in October 2024, raising deep concerns about the nation’s economic stability and its citizens’ purchasing power.
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The report highlights a significant year-on-year rise in inflation, with the current figure standing 6.4% higher than the 28.2% recorded in November 2023. The persistent surge underlines a troubling trend of escalating prices across essential goods and services.
Particularly alarming is the food inflation rate, which hit 39.93% in November 2024—a sharp increase from 32.84% in November 2023.
The NBS attributed this rise to skyrocketing prices of staples such as yams, maize, rice, palm oil, and meat products.
On a month-on-month basis, food inflation climbed slightly to 2.98% in November, up from 2.94% in October. The hardest-hit states include:
- Bauchi (46.21%)
- Kebbi (42.41%)
- Anambra (40.48%)
Conversely, states like Delta, Benue, and Katsina reported the lowest year-on-year food inflation rates, hovering between 26% and 29%.
The report identifies various factors driving inflation, including:
- Staple foods: Rising costs of rice, yam, and tubers.
- Dairy products: Increasing prices of powdered and fresh milk.
- Protein sources: Higher prices for fish, dried beef, and frozen chicken.
- Cooking essentials: Skyrocketing costs of vegetable and palm oil.
The NBS also shed light on state-level disparities in food inflation rates on a month-on-month basis:
- Highest increases: Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%).
- Lowest increases: Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%).
The relentless rise in inflation is worsening the daily struggles of Nigerians, especially those in lower-income households.
The steep increase in the average annual food inflation rate—38.67% in November 2024, up from 27.09% in November 2023—further reflects the economic pressure on families struggling to afford basic necessities.
This latest report raises urgent questions about the government’s ability to tackle the root causes of inflation. Economists and analysts are calling for decisive measures to stabilise the economy, curb rising costs, and provide relief to citizens.
With the festive season fast approaching, the soaring prices of food and essential goods are set to place additional burdens on already struggling households.
Nigerians, known for their resilience, are beginning to lose hope, asking: When will relief come?
