Extracts from Nov-2024 Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) revealed that the Nigeria’s headline inflation printed at 34.60% on a year-on-year (y/y) basis, indicating a 72bps climb from 33.88% y/y recorded in Oct-2024, the highest in 26 years. The food inflation rate component remained the key driver, food & non-alcoholic beverages contributing 17.92% to Nov-2024 headline inflation print (331bps and 37bps higher than 14.61% and 17.55% contribution in Nov-2023 & Oct-2024).

Nonetheless, on a month-on-month viewpoint, inflation rate held steady at 2.64% (same print as recorded in Oct-2024). The steady rate of inflation (month-on-month) was particularly influenced by a blend of a mild climb in food inflation rate and a decline in core inflation rate.