Nigeria's inflation rate surged to 34.6% in November 2024, up from 33.88% in October 2024, marking a worrying rise of 0.72%. According to the National Bureau of Statistics (NBS), the November rate represents a significant year-on-year increase of 6.4% compared to November 2023, when inflation stood at 28.2%.
Food inflation, in particular, reached a staggering 39.93% in November 2024, a sharp rise from 32.84% in November 2023. On a month-to-month basis, the food inflation rate grew by 0.05%, now standing at 2.98% for November 2024. This increase has been driven by higher prices for essential items like rice, yam flour, millet, fresh milk, fish, and meat.
This surge in food and commodity prices has added to the financial strain on Nigerians, creating what is arguably the most severe cost of living crisis since the country’s independence. Experts have linked the spike in inflation to the removal of energy subsidies and the floating of the naira—economic policies implemented by President Bola Tinubu after his inauguration in May 2023. These measures, advised by global financial institutions like the World Bank and IMF, saw petrol prices skyrocket and the naira lose significant value, exacerbating inflation across the nation.
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