The National Bureau of Statistics (NBS) has said that headline Inflation rate for November 2024 increased to 34.60 per cent, by a marginal 0.72 percent against the October 2024 headline inflation rate which stood by 33.88 per cent.
The trend in November 2024, according to the Consumer Price Index (CPI), showed that on a year-on-year basis, the headline inflation rate was 6.55 percent points higher compared to the rate recorded in November 2023 at 28.20 percent.
The increase in the headline index for November 2024 was attributed to the rise in the average price of some items in the basket of goods and services at the divisional level. These increases were observed in Food and non-alcoholic Beverages at 17.92 per cent, Housing, Water, Electricity, gas, and other Fuel at 5.79 per cent, Clothing & Footwear at 2.65 per cent; Transport at 2.25 per cent; Education at 1.36 per cent and Health at 1.04 per cent.
Similarly, on a month-over-month basis, the headline inflation rate in November 2024 also rose to 2.64 per cent.
The Food sub-index for November 2024 increased to 39.93 per cent year-on-year, a 7.08 per cent point higher than the rate recorded in November 2023 by 32.84 per cent.
The rise in Food inflation on a year-on-year basis was attributed to increases in prices of Guinea Corn, Rice, Maize Grains, Rice, etc. (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil etc. (Oil and Fats Class) and Milo Lipton, Bournvita etc. (Coffee, Tea & Cocoa Class).
On a month-on-month basis, the Food inflation rate in November 2024 rose by 2.98 per cent, which shows a 0.05 per cent point higher than the rate recorded in October 2024 by 2.94 per cent.
The rise in Food inflation was further caused by an increase in the average prices of Palm Oil, Vegetable oil, etc. (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc. (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc. (Bread and Cereals Class).
The average annual rate of Food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 percent, an 11.58 percent point increase from the average annual rate of change recorded in October 2023 at 26.33 percent. The Urban consumer’s inflation rate on a year-on-year basis stood at 37.10 per cent in the period under review.
This shows a 6.88 per cent point higher compared to the 30.21 per cent recorded in the corresponding month in the year 2023.
On a month-on-month basis, the Urban inflation rate grew by 2.77 per cent in November 2024, which shows a marginal increase of 0.02 per cent compared to 2.75 per cent in October 2024.
The Rural consumer’s sub-index in November5 2024 was 32.27 per cent on a year-on-year basis; this was 5.84 per cent higher compared to the 26.43 per cent recorded in November 2023.