NIGERIA’s inflation rate increased to 34.6% in November 2024, up from 33.8% in October, according to the National Bureau of Statistics (NBS).
The latest Consumer Price Index (CPI) report, released yesterday, highlights a 0.72% rise in inflation within a month.
The NBS reported a significant year-on-year increase of 6.4 percentage points compared to the 28.2% inflation rate recorded in November 2023.
On a month-on-month basis, inflation rose by 2.638% in November 2024, a marginal drop of 0.002 percentage points from October’s 2.64%.
“This indicates that while prices are still increasing, the rate of monthly price growth slowed slightly in November 2024 compared to October,” the bureau said.
Food inflation surged to 39.93% in November 2024, a sharp increase from 32.84% in November 2023. The NBS attributed this rise to higher prices of staple foods, including yams, water yams, cocoyams, guinea corn, maize, rice, beer, and vegetable oil.
On a month-on-month basis, food inflation increased by 2.98% in November 2024, slightly higher than the 2.94% recorded in October. Items driving this monthly increase included dried fish, rice, yam flour, millet, powdered milk, fresh milk, and frozen meat.
Over the past 12 months, the average food inflation rate rose to 38.67%, a substantial increase of 11.58 percentage points compared to 27.09% in November 2023.
Food inflation varied across states, with Bauchi recording the highest rate at 46.21%, followed by Kebbi (42.41%) and Anambra (40.48%). States with the lowest year-on-year food inflation were Delta (26.47%), Benue (28.98%), and Katsina (29.57%).
On a month-on-month basis, Yobe (5.14%), Kebbi (5.10%), and Anambra (4.88%) recorded the highest food inflation rates. Conversely, states with the slowest month-on-month rise were Adamawa (0.95%), Osun (1.12%), and Kogi (1.29%).
The NBS attributed the sustained rise in food prices to supply chain disruptions and increased demand across key staples.
The continuous surge in inflation underscores the urgent need for targeted policy interventions to stabilize food supply, improve distribution systems, and curb rising prices, particularly in critical sectors like agriculture and food production. The Chief of Defence Staff, Gen. Christopher Musa, has ordered a thorough investigation into the deaths of two Okuama community leaders, Pa James Oghoroko and Dennis Okugbaye, while in Army custody.
Oghoroko, the President-General of the Okuama community, and 81-year-old Okugbaye, the community’s treasurer, reportedly died six days apart after being detained by the military.
The duo along with four others; Prof. Arthur Ekpekpo, Chief Belvis Adogbo, Mrs. Mabel Owhemu and Mr. Dennis Malaka were arrested during a military operation conducted between August 18 and 20, 2024.
The arrests followed the killing of 17 soldiers on March 14, 2024, during a peace mission aimed at resolving a dispute between Okuama and the neighbouring Okoloba community.
Speaking on the matter for the first time, the Director of Defence Information, Brig. Gen. TukurGusau stated that the Chief of Defence Staff had directed the 6th Division of the Nigerian Army to investigate the allegations and submit a report, assuring that anybody find culpable would face sanctions in line with law.
Speaking during the Strategic Communications Interagency Policy Committee end-of-year briefing, Gusau said, “Regarding allegations of deaths in detention, headlines surfaced suggesting that individuals detained in connection with the Okuama incident had died, hence the probe by the CDS.
