Inflation Rises to 34.60%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of good and commodities increased to 34.60 per cent in November compared to 33.88 per cent in October, the National Bureau of Statistics (NBS) said Monday.

The NBS attributed the 0.72 per cent rise in headline inflation to increases in food and commodity prices, including energy.

According the CPI report for the period under review, year-on-year, inflation rose by 6.40 per cent compared to 28.20 per cent in November 2023.

Food inflation rate increased by 7.08 per cent, year on year to 39.93 per cent in November compared to 32.84 per cent in the corresponding month of 2023.

Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.75 per cent in November compared to 22.38 per cent in same period of 2023.

Details later…