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Home Business & Finance

Nigeria’s Inflation Hits 34.6% as Cost of Living Crisis Worsens

Eriki Joan UgunushebyEriki Joan Ugunushe
December 16, 2024
in Business & Finance
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Nigeria’s Inflation Hits 34.6% as Cost of Living Crisis Worsens
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Nigeria’s inflation rate continues its relentless climb, hitting 34.60% in November 2024, up from 33.88% in October, according to the National Bureau of Statistics (NBS). The NBS report highlighted a 0.72% increase in the headline inflation rate month-on-month.

On a year-on-year basis, it’s even more alarming, the inflation rate jumped by 6.40% compared to November 2023, when it stood at 28.20%. Clearly, the country’s economic crisis is not just deepening, it’s getting out of control.

The situation is even worse when it comes to food inflation. In November 2024, food inflation reached 39.93%, a sharp increase from 32.84% in November 2023. Month-on-month, food prices inched up again by 2.98%, marginally higher than October’s 2.94%. The cause? Everyday staples like rice, yam flour, dried fish, eggs, and even powdered milk are now luxuries for many. I mean big luxuries that many can’t afford.

International financial institutions like the World Bank and IMF maintain their narrative, the removal of energy subsidies and a floating naira were supposed to “save” Nigeria. But for ordinary Nigerians, these policies have been a disaster. When President Bola Tinubu removed the petrol subsidy in May 2023 and floated the naira, Nigerians braced themselves. What they didn’t anticipate was the crazy speed at which the economy would crumble. Petrol prices skipped from under N200 per litre to over N1,100, while the naira plummeted from N700/$ to N1,600/$.

The effect of this is devastating. With food and commodity prices rising, Nigerians are struggling with what might be the worst cost-of-living crisis in the country’s history. Sixty-four years after independence, the dream of economic self-sufficiency feels like a joke.

Tags: federal characterinflationLiving crisisNewsNigeriaNigeria's Inflation Hits 34.6% as Cost of Living Crisis Worsens
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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