Nigeria’s inflation rate surged to 34.6 percent in November, marking its third consecutive month of increase, according to data from the National Bureau of Statistics (NBS). This reflects a rise from 33.88 percent recorded in October, driven by the lingering effects of the naira devaluation and higher petrol prices.
The inflation spike, which began in September, has intensified a severe cost-of-living crisis in Africa’s most populous nation. Food inflation climbed to 39.93 percent year-on-year in November, up from 39.16 percent in October, fueled by higher prices for staples like rice, maize, bread, and cooking oil.
Urban areas experienced a year-on-year inflation rate of 37.1 percent, while rural inflation stood at 32.27 percent. Sokoto, Yobe, and Edo states reported the highest year-on-year food inflation at 51.3 percent, 49.69 percent, and 47.77 percent, respectively.
The inflationary pressure has worsened since President Bola Tinubu’s economic reforms, which included the naira devaluation and subsidy cuts aimed at boosting growth and improving public finances.
To tackle the rising inflation, the Central Bank of Nigeria has raised interest rates six times this year, totaling an 875-basis-point hike.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
