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JUST IN: Nigeria’s Inflation Rises To 34.60% — NBS

Published

1 year ago

December 16, 2024

Editor

The inflation rate in Nigeria rose to 34.60 per cent in November 2024, showing an increase of 0.72 percentage points compared to 33.88 per cent recorded in October 2024.

The National Bureau of Statistics (NBS), while announcing the release of the data on Monday said, “In November 2024, the Headline inflation rate was 34.60 per cent relative to the October 2024 headline inflation rate of 33.88 per cent. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 Headline inflation rate.”

The NBS attributed the rise in the inflation rate in November 2024 to the Food inflation rate, which was 39.93 per cent on a year-on-year basis, indicating 7.08 percentage points higher than the 32.84 per cent recorded in November 2023.

On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the 28.20 per cent rate recorded in November 2023.

This shows that the year-on-year headline inflation rate increased in November 2024 compared to the same month in the preceding year of November 2023.

Furthermore, the NBS noted that on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638 per cent, which was 0.002 percentage points lower than the 2.640 per cent recorded in October 2024.

This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.

The NBS highlighted that “The percentage change in the average CPI for the twelve months ending November 2024 over the average for the previous twelve-month period was 32.77%, showing 8.76% points increase compared to 24.01% recorded in November 2023.”

The Urban inflation rate on a year-on-year basis, in November 2024 was 37.10 per cent, indicating 6.88 percentage points higher compared to the 30.21 per cent recorded in November 2023.

On a month-on-month basis, the Urban inflation rate was 2.77 per cent in November 2024, showing 0.02 percentage points higher compared to 2.75 per cent recorded in October 2024.

The corresponding twelve-month average for the Urban inflation rate was 35.07 per cent in November 2024, and this
was 9.62 percentage points higher compared to the 25.45 per cent reported in November 2023.

The NBS reported that the Rural inflation rate in November 2024 was 32.27 per cent on a year-on-year basis.

This was 5.84 percentage points higher compared to the 26.43 per cent recorded in November 2023.

On a month-on-month basis, the rural inflation rate in November 2024 was 2.51 per cent, down by 0.02 percentage points compared to 2.53 per cent recorded in October 2024

“The corresponding twelve-month average for the Rural inflation rate in November 2024 was 30.71%. This was 8.00% points higher compared to the 22.71% recorded in November 2023,” the NBS said.

The NBS stated that the rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class).

On a month-on-month basis, the Food inflation rate in November 2024 was 2.98 per cent which shows a 0.05 percentage point increase compared to the 2.94 per cent recorded in October 2024.

“The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc
(Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class),” the NBS explained.

The average annual rate of Food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 per cent, which was 11.58 percentage points higher compared with the 27.09 per cent average annual rate of change recorded in November 2023.

The NBS stated, “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.75% in November 2024 on a year-on-year basis; an
increase of 6.36% points when compared to the 22.38% recorded in November 2023.

“The highest increases were recorded in prices of the following items; Taxi journey per drop, Bus journey intercity,
Journey by motorcycle, etc (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), and hair cut service, women’s hairdressing, etc (Hairdressing salons & personal grooming establishments class).”

On a month-on-month basis, the core Inflation rate was 1.83 per cent in November 2024.

It stood at 2.14 per cent in October 2024, down by 0.30 percentage points.

The average twelve-month annual inflation rate was 26.64 per cent for the twelve months ending November 2024, this was 6.29 percentage points higher than the 20.35 per cent recorded in November 2023.

The NBS further stated that “In November 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (46.21%), Kebbi (42.41%), Anambra (40.48%), while Delta (27.47%), Benue (28.98%) and Katsina (29.57%) recorded the lowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, November 2024 recorded the highest increases in Yobe (5.14%), Kebbi (5.10%), Kano (4.88%), while Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) recorded the slowest rise on Month-on-Month inflation.

“Food Inflation In November 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise in Food inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, November 2024 Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise in Food inflation on Month-on-Month basis.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

24 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.