Nigeria's inflation rate climbed to 34.60% in November, according to the National Bureau of Statistics (NBS), marking a continued upward trajectory in the country's economic challenges.

The report reveals an increase of 0.72 percentage points from October's 33.88% inflation rate. Compared to November 2023, the current inflation rate is significantly higher, jumping 6.40 percentage points from the previous year's 28.20%.

Food inflation has been particularly stark, reaching 39.93% year-on-year, which is 7.08 percentage points higher than November 2023's 32.84%. The surge is attributed to price increases in key food categories, including:

- Tubers like yams and potatoes

- Grains such as guinea corn, maize, and rice

- Oils, including palm and vegetable oils

- Tobacco and beer products

On a month-to-month basis, food inflation increased by 2.98% in November, slightly up from 2.94% in October. The rise stems from price hikes in fish, cereals, eggs, milk, and meat products.

The average annual food inflation rate for the twelve months ending November 2024 reached 38.67%, a substantial 11.58 percentage points higher than the previous year's average of 27.09%.

These figures underscore the ongoing economic pressure facing Nigerian consumers, with food prices playing a significant role in the escalating inflation rate.​​​​​​​​​​​​​​​​