Nigeria’s Headline Inflation Rate Rises to 34.60%
Nigeria’s headline inflation increased by 72 basis points to 34.60% year on year in November due to price instability, from 33.88% in October, according to the statistics office.
The National Bureau of Statistics (NBS) said in the consumer price index report that on a month-on-month basis, headline inflation was steady at 2.64%. Food inflation expanded by 77 basis points to 39.93% year on year in November, from 39.16% in the previous month.
The rise in food inflation on a year-on-year basis was caused by increases in prices of basic food items like yam, water yam, coco yam, potatoes, and Guinea corn.
The price uptick in maize grains, rice (Bread and Cereals Class), beer, pinto, palm oil, and vegetable oil (Oil and Fats Class) also put pressure on consumer inflation. On a month-on-month basis, food prices surged by 5 basis points to 2.98% versus 2.94% reported in October 2024.
In the same vein, core inflation—all items less farm produce and energy—increased by 38 basis points to 28.75% year on year from 28.37% in the previous month.
The highest increases were recorded in prices of taxi journey per drop, bus journey intercity, journey by motorcycle (under Passenger Transport by Road Class), rents (actual and imputed rentals for housing class), meals at a local restaurant (accommodation service class), and haircut service.
This also includes women’s hairdressing (Hairdressing salons & personal grooming establishments class). Meanwhile, the core index eased by 30 bps to 1.83% m/m compared to the 2.14% m/m in the previous month. #Nigeria’s Headline Inflation Rate Rises to 34.60% FCT-IRS Creates Unit for High-Net-Worth Individuals to Boost IGR
