By Newsmata
With few days to Christmas, Nigerians are groaning under harsh economic situation as prices of food items in particular become more and more unaffordable due to rising inflation. The latest report from the National Bureau of Statistics (NBS) shows that the country’s inflation rate has climbed to 34.6% in November 2024, up from 33.88% in October. This marks a 0.72 percentage point increase and underscores the ongoing rise in the cost of living for Nigerians especially in this yuletide season.
Newsmata reports that year-on-year, the inflation rate jumped by 6.4 percentage points compared to 28.2% recorded in November 2023. On a month-to-month basis, the rate of price increases slightly slowed, with November’s inflation rate at 2.64%, a marginal drop from October’s 2.638%.
Food inflation, a critical measure impacting most Nigerians, surged to 39.93% year-on-year, compared to 32.84% in November 2023. This spike was driven by steep increases in the prices of staples like rice, yam, maize, and vegetable oils. On a month-to-month basis, food inflation rose to 2.98%, as supply chain challenges and high transportation costs continued to affect food availability and affordability.
Urban areas felt the brunt of rising costs, with urban inflation hitting 37.1% year-on-year, compared to 32.27% in rural areas. This highlights the sharper cost pressures in cities, where housing, transportation, and energy expenses are driving inflation.
State-level data showed sharp disparities in inflation rates across Nigeria. Bauchi led with the highest year-on-year inflation at 46.21%, followed by Kebbi at 42.41%, while Delta recorded the lowest rate at 27.47%. On a month-to-month basis, Yobe and Kebbi recorded the fastest increases at 5.14% and 5.10%, respectively, while Adamawa and Osun experienced the slowest rises at 0.95% and 1.12%.
Core inflation, which excludes volatile categories like food and energy, rose to 28.75% year-on-year, up from 22.38% in November 2023. Key contributors included higher costs for transportation, housing rentals, and personal services, signaling a broad-based increase in living expenses across sectors.
Economists attribute the inflationary surge to factors such as currency devaluation, elevated transportation costs, and disruptions in local production. The persistent rise in prices continues to erode purchasing power, placing significant strain on households and businesses.
As inflation pressures intensify, analysts are calling for urgent policy measures to stabilize prices and ease economic hardships. Efforts to address food security, improve transportation infrastructure, and implement sound monetary policies will be critical to curbing inflation and providing relief to Nigerians.
The latest inflation figures serve as a sobering reminder of Nigeria’s economic challenges, as rising costs threaten to deepen economic inequality and strain the resilience of its citizens. Without decisive action, inflation may remain a persistent hurdle as the country moves into 2025.