Nigeria’s inflation rate surged to 34.60 percent in November 2024, up from 33.88 percent in October, according to the National Bureau of Statistics (NBS).
This increase indicates worsening hardship for Nigerians as the cost of living continues to rise.
The report highlighted that food inflation also saw a significant rise, reaching 39.93 percent in November, compared to 39.19 percent in October. Urban and rural inflation rates stood at 37.10 percent and 32.27 percent, respectively.
Despite the Central Bank of Nigeria’s (CBN) monetary policy interventions, including a recent interest rate hike to 27.50 percent, prices of goods and services have remained elevated.
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