The National Bureau of Statistics (NBS), in its recent report, revealed that Nigeria's headline inflation rate in November 2024 was 34.60% relative to the October 2024 rate of 33.88%.
The November 2024 Headline inflation rate showed an increase of 0.72% points compared to the October 2024 Headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).
Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638%, which was 0.002% points lower than the rate recorded in October 2024 (2.640%). This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.
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