Nigeria’s inflation rises to 34.6% in November, analysts flag worsening economic pressures

Nigeria’s headline inflation climbed to 34.60% in November 2024, marking a further escalation in the cost of goods and services across the country.

This figure reflects a 0.72% increase from the 33.88% recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The consistent rise in inflation highlights deepening economic pressures, driven by soaring food prices, transportation costs, and imported goods.

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Analysts attribute the trend to factors including currency depreciation, supply chain disruptions, and the lingering impact of fuel subsidy removal, which has intensified cost-of-living challenges for Nigerians.

Economists warn that the situation may worsen if urgent interventions are not made to address structural economic issues and improve food production.

“Rising inflation is eroding household purchasing power, and we expect this trend to persist if production costs and supply chain bottlenecks are not tackled,” said an economic analyst.

With inflation now at a 19-year high, many Nigerians are struggling to afford basic necessities, leading to growing concerns about poverty levels and economic stability.