ADVERTISEMENT
  • About
  • Advertise
  • Careers
  • Contact Us
Saturday, August 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

Nigeria’s Inflation Hits 34.6% in November 2024, Causing Food Prices to Spike

by Destiny Eseaga
December 17, 2024
in Finance
0
Inflation in Nigeria to decrease - December 2025
Inflation in Nigeria - December 2023

Inflation in Nigeria - December 2023

UBA
Advertisements

Nigeria’s headline inflation rate increased to 34.60% in November 2024, up from 33.88% in October 2024, as reported by the National Bureau of Statistics (NBS) on Monday.

This represents an increase of 0.72 percentage points compared to the inflation rate recorded in October 2024.

The information comes from the NBS’s latest Consumer Price Index (CPI) report, which measures the rate of change in prices of goods and services.

“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),” the Bureau said.

Significantly, the food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

On a month-on-month basis, the food inflation rate in November 2024 was 2.98% which shows a 0.05% points increase compared to the rate recorded in October 2024 (2.94%).

MTN ADS

The rise in food inflation is attributed to the rate of increase in the average prices of mudfish, catfish dried, dried fish sardine, rice, yam flour, millet whole grain, corn flour, agric egg, powered milk, fresh milk, dried beef, goat meat, frozen chicken, among others.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

Bretton Woods institutions like the World Bank and the International Monetary Fund had advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.

After his inauguration in May 2023, President Bola Tinubu removed the petrol subsidy and floated the naira. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a nosedive, wobbling from around N700/$ to N1,600.

Loading

MTN ADS

Author

  • Destiny Eseaga

    My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

    View all posts
0Shares

MTN ADS
Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

Next Post
Tyme Group Raises $250 Million, Achieves Unicorn Status with $1.5 Billion Valuation

Tyme Group Raises $250 Million, Achieves Unicorn Status with $1.5 Billion Valuation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Zenith Tech Fair 4.0

Zenith Bank Unveils Zenith Tech Fair 4.0, Features Global IT Practitioners

8 months ago
A Year in Nigerian Search: Google's Trending Searches of 2022

Google releases Nigeria’s 2022 Year in Search lists

3 years ago

Popular News

  • Emeka Afigbo, Iyinoluwa Aboyeji, Five Others Appointed to Nigeria’s 3MTT Advisory Committee

    Emeka Afigbo, Iyinoluwa Aboyeji, Five Others Appointed to Nigeria’s 3MTT Advisory Committee

    0 shares
    Share 0 Tweet 0
  • Product Marketing vs Digital Marketing, Is There a Difference?

    0 shares
    Share 0 Tweet 0
  • AI Educator Celestine Achi Conferred Doctoral Fellow by AIMFIN

    0 shares
    Share 0 Tweet 0
  • Qatar’s Baladna to Establish Multi-Million Dollar Factory in Ogun State

    0 shares
    Share 0 Tweet 0
  • Top 10 Personalities Driving Cybersecurity Revolution in 2025

    0 shares
    Share 0 Tweet 0

Connect with us

  • About
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.