Nigeria’s inflation rate climbed to 34.6% in November 2024, marking an increase from 33.8% recorded in October, according to the latest report by the National Bureau of Statistics (NBS).
The report highlights a 0.72% jump in inflation within a single month, raising fresh concerns about the rising cost of living for Nigerians.
The year-on-year analysis reveals a sharp rise of 6.4 percentage points compared to November 2023, when the inflation rate was 28.2%.
On a month-to-month basis, inflation grew by 2.638% in November, although this was a marginal dip from October’s 2.64%, suggesting a slight slowdown in the pace of price increases.
Food Inflation Reaches 39.93%, Hitting Households Hard
One of the most concerning aspects of the report is the surge in food inflation, which rose to 39.93% in November 2024, compared to 32.84% in the same period last year.
The NBS linked this significant increase to rising prices of essential food items like yams, cocoyams, maize, rice, guinea corn, and cooking oil.
Month-on-month, food inflation climbed by 2.98% in November, a slight rise from October’s 2.94%.
The key food items driving this increase include dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat, highlighting the strain on household budgets as staple items become more expensive.
Regional Disparities in Food Inflation
Inflationary pressure is not uniform across Nigeria’s states. Bauchi emerged as the state with the highest year-on-year food inflation rate at 46.21%, followed by Kebbi (42.41%) and Anambra (40.48%).
On the other end, Delta (26.47%), Benue (28.98%), and Katsina (29.57%) recorded the lowest food inflation rates.
For month-on-month inflation, Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%) topped the list of states with the highest increases.
Meanwhile, Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%) experienced the slowest price increases, offering a glimpse of regional differences in inflationary pressure.
Key Drivers of Food Inflation
The report identified several key food categories responsible for the surge in prices:
– Tubers: Yam, water yam, and cocoyam
– Cereals: Maize, rice, millet, and bread products
– Fish: Mudfish, dried catfish, and sardines
– Dairy: Powdered milk and fresh milk
– Meat: Dried beef, goat meat, and frozen chicken
The continuous rise in the prices of these staples has intensified hardship for many Nigerians, as food expenses account for a significant portion of household expenditures.
Underlying Causes and Policy Recommendations
The NBS attributed the sustained rise in food prices to persistent supply chain disruptions, increased demand, and production challenges in the agricultural sector.
These issues, coupled with broader economic headwinds, continue to fuel inflationary pressure.
Experts have called for urgent policy measures to stabilize food supply, strengthen distribution networks, and address inefficiencies in the agricultural value chain.
Addressing these issues is seen as critical to reducing food inflation and easing the financial burden on Nigerian households.
