The chart above shows inflation trend for Nigeria from January to November, while also highlighting food inflation for each month.
Trend data from the National Bureau of Statistics (NBS) shows a persistent gap between food inflation and the overall inflation rate. Over the trend period, food inflation averaged 18% higher - a testament to the phenomenal impact of food inflation on the overall inflation rate.
Notably, food inflation remained above 35% throughout the year, reflecting the significant pressure of rising food prices on household expenditures and the broader economy. In the last released data for the month of November, food inflation rose by 7.08% to 39.93% from 32.84% in the same period of the preceding year (2023). June, however, recorded peak food inflation at 40.87%.
The month of November marked the highest overall inflation rate at 34.60%, higher than the 28.20% recorded in November 2023, and up 0.72% from 33.88% in October 2024. The rate serves as the highest in not just the year 2024 but in almost three decades.
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