Nigeria’s inflation rate surged to 34.60% in November, up from 33.88% in October, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) released on Monday.

The data revealed a month-on-month increase of 0.72%.

This rise follows a brief period of declining inflation in July and August 2024.

The report also showed a 6.40% year-on-year increase in inflation, compared to 28.20% in November 2023.

Food inflation rose sharply to 39.93% in November, up from 39.19% in October, driven by the higher cost of food items.

Urban and rural inflation rates were reported at 37.10% and 32.27%, respectively.

This increase in inflation comes despite the Central Bank of Nigeria’s ongoing monetary policy efforts, which have included successive interest rate hikes.

In November, the CBN raised its benchmark interest rate to 27.50% from 27.25%, citing rising inflation as the key factor.
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