The National Bureau of Statistics, NBS, in its Consumer Price Index, CPI, report for November 2024, released yesterday, said food inflation rose by 0.77 basis points to 39.93 per cent from 39.16 per cent in October 2024 due to increases in the prices of yam, water yam, coco yam, guinea corn, maize grains, and rice, among others.
Also, the report said the headline inflation rate rose by 0.72 percentage points to 34.6 per cent in November from 33.88 per cent in October.
The Bureau stated: “In November 2024, the Headline inflation rate was 34.6 percent relative to the October 2024 headline inflation rate of 33.88 percent.
“Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 6.4 percent points higher than the rate recorded in November 2023 (28.2 percent).
“This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023).
“Furthermore, on a month-on-month basis, the Headline inflation rate in November 2024 was 2.6 percent, which was 0.002 percentage points lower than the rate recorded in October 2024 (2.64 percent).
“This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.”
On food inflation, NBS said: “The food inflation rate in November 2024 was 39.93 percent on a year-on-year basis, 7.08 percent points higher than the rate recorded in November 2023 (32.84 percent).
“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 & 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).
“On a month-on-month basis, the food inflation rate in November 2024 was 2.98 percent which shows 0.05 percentage points increase compared to the rate recorded in October 2024 (2.94 percent).”
