NIGERIA’s headline inflation worsened to 34.6 per cent in November from 33.88 per cent in October, according to the National Bureau of Statistics (NBS) latest report.

The NBS disclosed this in its consumer price index (CPI) report released on Monday, December 16.

The rise in inflation represents an increase of 0.72 per cent compared to October’s rate, but on a year-on-year basis, the headline inflation is 6.40 per cent points higher than the 28.20 per cent rate recorded in November 2023.

On a month-on-month basis, the headline inflation rate in November stood at 2.638 per cent, representing 0.002 per cent points lower than the 2.64 per cent rate recorded in October.

The statistics office further disclosed that food inflation in November rose to 39.93 per cent on a year-on-year, higher than the 32.84 per cent rate recorded in November 2023.

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items; yam, water yam, coco yam, etc (potatoes, yam and other tubers class), guinea corn, maize grains, rice, etc (bread and cereals class), beer, pinto (tobacco class), and palm oil, vegetable oil, etc (oil and fats class),” NBS said.

On a month-on-month, food inflation rose to 2.98 per cent, compared to 2.94 per cent in October.

The NBS attributed the rise in food inflation to the rate of increase in the average prices of mudfish, catfish dried, dried fish sardine, rice, yam flour, millet whole grain, corn flour, agric egg, powdered milk, fresh milk, dried beef, goat meat, and frozen chicken.

“The average annual rate of food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 per cent, which was 11.58 per cent points higher compared with the average annual rate of change recorded in November 2023 (27.09 per cent),” it stated.

Food inflation was highest in Bauchi at 46.21 per cent), Kebbi, 42.41 per cent), and Anambra, 40.48 per cent, the report showed.