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SECURE YOUR BANK ACCOUNT NOW| SEE THE LATEST METHOD SCAMMERS/FRAUDSTERS ARE USING TO WITHDRAW MONEY FROM ACCOUNT WITHOUT HAVING ACCESS TO YOUR BANK/CARD DETAILS.Nigeria’s Inflation Rate Rises to 34.60% in November, Food Inflation Hits 39.93%. Nigeria’s inflation rate has continued its upward trajectory, climbing from 33.88 percent in October to 34.60 percent in November, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The data shows that the headline inflation rate increased by 0.72 percentage points in November compared to October, marking a notable rise. On a year-on-year basis, the November 2024 inflation rate was 6.40 percentage points higher than the 28.20 percent recorded in November 2023, reflecting the continuing pressure on prices across the country.SECURE YOUR BANK ACCOUNT NOW| SEE THE LATEST METHOD SCAMMERS/FRAUDSTERS ARE USING TO WITHDRAW MONEY FROM ACCOUNT WITHOUT HAVING ACCESS TO YOUR BANK/CARD DETAILS.
The NBS report noted, “In November 2024, the Headline inflation rate was 34.60% relative to the October 2024 headline inflation rate of 33.88%. This signifies an increase of 0.72% points compared to the previous month. On a year-on-year basis, the November 2024 rate was 6.40% points higher than the 28.20% recorded in November 2023, showing a clear uptick in inflation over the past year.”
Despite this rise, the report also highlighted that the rate of increase in average prices for November was slightly slower than in October 2024. The month-on-month increase in the headline inflation rate was recorded at 2.638%, which was marginally lower than the 2.640% recorded in October. This suggests that, while prices continue to climb, the pace of growth in prices has slightly moderated.
In terms of food inflation, the report revealed a significant surge, with food prices rising by 39.93% in November 2024 compared to the same month in the previous year. This stark rise in food inflation is a major concern for many Nigerians, as the high cost of foodstuffs continues to put pressure on household budgets, especially during the lead-up to the festive season.
While the report indicated that the overall inflation rate is showing signs of slowing down in terms of the month-on-month increase, food inflation remains a critical issue. The sustained rise in food prices, particularly for staples like rice, beans, and tomatoes, has made it increasingly difficult for many Nigerians to afford basic goods.
The report’s findings underscore the challenges facing the Nigerian economy, with inflation continuing to affect both consumer prices and purchasing power. The slow pace of price increases in November could offer some hope for consumers, but with food inflation remaining high, the situation remains dire for many households across the country.SECURE YOUR BANK ACCOUNT NOW| SEE THE LATEST METHOD SCAMMERS/FRAUDSTERS ARE USING TO WITHDRAW MONEY FROM ACCOUNT WITHOUT HAVING ACCESS TO YOUR BANK/CARD DETAILS.
As Nigerians prepare for the festive season, there are concerns about whether the reduction in petrol prices will be enough to offset the ongoing rise in food prices and overall inflation. The combination of high inflation, increased food prices, and other economic pressures continues to present significant challenges for both the government and consumers in the months ahead.…Read -T.he.Full_Article.Here.
