- The inflationary data was contained in the latest Consumer Price Index and Inflation for November released by the National Bureau of Statistics
Nigeria’s inflation rate surged to 34.60 percent in November as citizens continue to grappling with deepening cost of living crisis and worsening hardship.
The November inflation figure represents 0.72 increase from 33.88 percent recorded in October.
The inflationary data was contained in the latest Consumer Price Index and Inflation for November released by the National Bureau of Statistics.
According to report, the country’s headline or all-items inflation increased by 28.20 percent on a year-on-year basis.
The rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in October.
The report also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.
The continued surge in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.
The apex bank, led by Olayemi Cardoso, consistently had raised interest rates to tackle rising inflation but the move has not yielded any positive result. .
The latest hike was in November when the CBN 297th Monetary Policy Committee decided to raise the country’s interest rate to 27.50 percent from 27.25 percent.
Despite CBN’s monetary interventions, the prices of goods and services have remained high and continued to rise, impacting the cost of living for the majority of Nigerians.
Meanwhile, in July and August 2024, Nigeria witnessed declining inflation rates.
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