Nigeria’s inflation rate increased to 34.6% in November 2024, up from 33.8% in October, according to the National Bureau of Statistics (NBS).

The latest Consumer Price Index (CPI) report, released on Monday highlights a 0.72% rise in inflation within a month.

The NBS reported a significant year-on-year increase of 6.4 percentage points compared to the 28.2% inflation rate recorded in November 2023.

Food inflation surged to 39.93% in November 2024, a sharp increase from 32.84% in November 2023.

The NBS attributed this rise to higher prices of staple foods, including yams, water yams, cocoyams, guinea corn, maize, rice, beer, and vegetable oil.