Inflation Rate Spikes to 34.60 Percent Amid Hardship Under Tinubu

The inflation rate has spiked to 34.60 percent amid hardship under Tinubu.

Newsone Nigeria reports that Nigeria’s inflation rate for November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians under President Bola Tinubu’s leadership.

This online news platform understands that the inflation rate was released by the National Bureau of Statistics (NBS) in its latest Consumer Price Index and Inflation for November.

The November 2024 NBS report showed that Nigeria’s headline or all-items inflation increased by 0.72 percent on a month-on-month basis. Also, Nigeria’s inflation increased by 6.40 percent compared to 28.20 percent recorded in November 2023.

In the report, the rise in prices of food items pushed food inflation to 39.93 percent in November from 39.19 percent in October. The NBS report on the inflation rate also showed that urban and rural inflation stood at 37.10 percent and 32.27 percent, respectively.

The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.

The Olayemi Cardoso-led CBN consistently had a hike in interest rates with rising inflation as justification.

The latest hike was in November when the 297th Monetary Policy Committee of the CBN decided to raise Nigeria’s interest rate to 27.50 percent from 27.25 percent.

Despite CBN’s monetary interventions, the prices of goods and services have remained elevated, impacting the cost of living for the majority of Nigerians.

Meanwhile, Newsone reports that Nigeria witnessed declining inflation rates in July and August 2024.