According to the just-released Consumer Price Index (CPI) report, the headline inflation is 6.40% points higher than that of November 2023, which was pegged at 28.20%.
The National Bureau of Statistics (NBS) report revealed that food inflation has also risen to 39.93%, up from 32.84% in November 2023.
The report shows Bauchi, Kebbi, and Anambra states as the worst hit, with food inflation rates of 46.21%, 42.41%, and 40.48%, respectively.
Month-on-month, the rate of increase was 2.98%, slightly lower than the 2.94% recorded in October.
According to the NBS, the persistent increase is being pushed by an increase in the price of staple foods like Yam, cocoyam, water yam, and potatoes. Grain prices are also contributing factors, with the price of guinea corn, maize, and rice increasing further.
Other food items that increased in price include palm and vegetable oils, goat meat, dried beef, frozen chicken, powdered milk, and dried catfish.
Inflation, thus, continues to push forward, after the two-month reversal seen in July and August 2024. Nigeria had seen consistent months of rise in inflation up to June 2024, before a slight decline in the next two months.
By September 2024, the inflation rate continued its upward movement, reaching a new high of 32.7%.
This latest announcement implies that Nigerians will spend more to celebrate Christmas.
Recall that SBM’s jollof index stated in its ‘Crisis on the menu’ report that the cost of a pot of jollof rice for a family of five had gone up to N21,300. The headline inflation rate at that time was still 32.7%.
In related news, TimesNow.com.ng reported that Olufemi Adelayo, an expert, disclosed that the prices of chickens and eggs would become more expensive this Christmas.
In the last 12 months, chicken feed prices have increased by 250% due to scarcity and the rising cost of raw materials like soy and wheat.
Adelayo said traders would struggle to find a affordable price for Nigerians without running a loss because of the high cost of production.
Source: TimesNow.com.ng
