Examining Nigeria’s Inflation Surge: Causes and Consequences of 34.60% Rate
Nigeria’s inflation rate has climbed to 34.60% in November 2024, marking a 0.72% increase from the previous month.
This surge has intensified the economic hardship many Nigerians are facing. The rise in food prices has played a major role, with food inflation reaching 39.93%, slightly up from 39.19% in October.
Despite the Central Bank of Nigeria’s efforts to curb inflation through interest rate hikes, the cost of goods and services continues to rise, impacting both urban and rural populations.
The persistent inflation highlights the ongoing economic challenges in the country.