High prices of rice, oil, yam pushes inflation rate to 34.60% in November 2024 – NBS
Omeiza Bilal
The headline Inflation rate for November 2024, on a year-on-year basis, increased to 34.60% relative to the October 2024 headline inflation rate of 33.88%, the National Bureau of Statistics (NBS) has said.
The NBS in its Consumer Price Index (CPI) report for November 2024, represents a 0.72 per cent over the October rate.
Similarly, on a year-on-year basis, the headline inflation rate was 6.40% points higher compared to the rate recorded in November 2023 (28.20%).
The statistics bureau stated that food inflation continued to fuel the country’s inflation as in the month of November 2024, food inflation stood at 39.93 per cent on a year-on-year basis, 7.08 percentage points higher compared to the rate recorded in November 2023 (32.84%).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class).
“Likewise, on a month-on-month basis, the Food inflation rate in November 2024 was 2.98% which shows a 0.05% increase compared to the rate recorded in October 2024 (2.94%). The rise can be attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc (Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class),” the NBS said.
On a state-by-state level, food inflation was highest in Sokoto state (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise.
“On a month-on-month basis, however, November 2024 Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise in Food inflation,” the statistics bureau further said.
Core inflation stood at 28.75% in November 2024 on a year-on-year basis; up by 6.36% when compared to the 22.38% recorded in November 2023.
Furthermore, on a month-on-month basis, the Core Inflation rate was 1.83% in November 2024, fell by 0.30% compared to 2.14% in October 2024.
The Urban consumer’s inflation rate on a year-on-year basis stood at 37.10% for November 2024, this shows a 6.88% point higher compared to the 30.21% recorded in the corresponding month in the year 2023.
On a month-on-month basis, the Urban inflation rate grew by 2.77% in November 2024, which shows an increase of 0.02% compared to 2.75% in October 2024.
The twelve-month average annual inflation rate ending November 2024 over the corresponding twelve-month period, Urban inflation rate was 35.07%. This was 9.62% points higher compared to the 25.45% reported in November 2023.
“The Rural consumer’s sub-index in November 2024 was 32.27% on a year-on-year basis. This was 5.84% higher compared to the 26.43% recorded in November 2023.
“On a month-on-month basis, the Rural sub-index in November 2024 was 2.51%, down by 0.02% points compared to October 2024 (2.53%).
“The twelve-month average annual inflation rate ending November 2024 over the corresponding twelve-month period, Rural inflation rate was 30.71%. This was 8.00% higher compared to 22.71% recorded in November 2023,” it added in the report.
