By our reporter
Nigeria’s inflation rate for the month of November, 2024 climbed to 34.60 per cent from 33.88 per cent last October, signalling worsening hardship for Nigerians.
Data from the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November, stated these.
According to the report, Nigeria’s headline or all-items inflation increased by 0.72 per cent on a month-on-month basis.
Also, Nigeria’s inflation increased by 6.40 per cent compared to 28.20 per cent for November, 2023.
The rise in prices of food items pushed food inflation to 39.93 per cent in November from 39.19 per cent in October.
According to the report, urban and rural inflation stood at 37.10 per cent and 32.27 per cent, respectively.
The increase arrived amid the Central Bank of Nigeria (CBN)’s monetary policy interventions.
The Olayemi Cardoso-led CBN has consistently stated that a hike in interest rates with rising inflation was justification.
The latest hike was in November when the CBN’s 297th Monetary Policy Committee raised the country’s interest rate to 27.50 per cent from 27.25 per cent.
CBN’s monetary interventions notwithstanding, the prices of goods and services remained sky-high, negatively impacting the cost of living for the majority of Nigerians and visibly grinding many in the dust of poverty.
However, last July and August, the country briefly experienced falling inflation rates.
