The National Bureau of Statistics (NBS) said in its latest consumer price index (CPI) report that inflation increased to 34.60 per cent in November, up from to 33.88 per cent recorded in October.
It attributed the 0.72 per cent rise in headline inflation to increases in food and commodity prices, including energy.
According to the report, year-on-year inflation during the period in review rose by 6.40 per cent compared to 28.20 per cent in November 2023.
The NBS also stated that food inflation rate increased by 7.08 per cent, year on year to 39.93 per cent in November, compared to 32.84 per cent in the corresponding month of 2023.
It attributed the upward spiral in the food index to increases in prices of yam, water yam, coco yam, (potatoes, yam and other tubers class), guinea corn, maize grains, rice (bread and cereals class), beer, pinto (tobacco class), and palm oil, vegetable oil (oil and fats class).
Month-on-month, food inflation stood at 2.98 per cent compared to 2.94 per cent in October.
However, core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 28.75 per cent in November compared to 22.38 per cent in same period of 2023.
The core index rose due to increases in taxi journey per drop, bus journey intercity, journey by motorcycle, rents, meal at local restaurants, accommodation service class, and hair cut service, and women’s hairdressing, (hairdressing salons and personal grooming establishment class).
Month-on-month, core Inflation stood at 1.83 per cent in November compared to 2.14 per cent in October.
Year-on-year, urban inflation increased to 37.10 per cent in November compared to 30.21 per cent in the corresponding month of 2023. Month-on-month, the index also rose to 2.77 per cent, compared to 2.75 per cent in October.
Similarly, rural inflation increased to 32.27 per cent, year-on-year, compared to the 26.43 per cent in November 2023. The index increased to 2.51 per cent month-on-month compared to 2.53 per cent last month.
At the state level, all items inflation, year-on-year was highest in Bauchi (46.21 per cent), Kebbi (42.41 per cent), Anambra (40.48 per cent), while Delta (27.47 per cent), Benue (28.98 per cent), and Katsina (29.57 per cent) recorded the lowest price rise movement.
Month-on-Month, however, the highest increases were recorded in Yobe (5.14 per cent), Kebbi (5.10 per cent), Kano (4.88 per cent), while Adamawa (0.95 per cent), Osun (1.12 per cent), and Kogi (1.29 per cent) recorded the slowest rise in inflation rate.
Year-on-year, food inflation was highest in Sokoto (51.30 per cent), Yobe (49.69 per cent), Edo (47.77 per cent), while Kwara (31.39 per cent), Kogi (32.95 per cent), and Rivers (33.27 per cent) recorded the slowest rise in food prices.
Month-on-month, however, food inflation was highest in Yobe (6.52 per cent), Kano (5.95 per cent), and Kebbi (5.68 per cent) while Borno (0.76 per cent), Adamawa (0.90 per cent), and Kogi (1.21 per cent) recorded the slowest rise.
