The National Bureau of Statistics (NBS) has announced that Nigeria's inflation rate has risen to 34.60% as at November 2024. This represents a 0.72 percentage point increase compared to the 33.88% recorded in October 2024, according to Nigerian Tribune.
The NBS attributed the rise in inflation to the Food inflation rate, which stood at 39.93% on a year-on-year basis. This represents a 7.08 percentage point increase compared to the 32.84% recorded in November 2023.
The Urban inflation rate stood at 37.10% in November 2024, while the Rural inflation rate was 32.27%. The Core inflation rate, which excludes the prices of volatile agricultural produces and energy, stood at 28.75%. (Article continues below👇)
The increasing inflation rate is likely to have far-reaching consequences for the Nigerian economy. The rise in food prices is expected to affect the purchasing power of consumers, particularly low-income households.
The rising inflation rate in Nigeria is a cause for concern. The government and policymakers must take urgent steps to address the underlying causes of inflation and mitigate its impact on the economy.
Post a Comment