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Nigeria’s Inflation Surges to 34.60% in November, Food Prices Worsen Hardship
Nigeria’s inflation rate climbed to 34.60% in November 2024, up from 33.88% recorded in October, signaling deepening economic challenges for citizens.
According to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), inflation increased by 0.72% month-on-month and surged by 6.40% year-on-year when compared to the 28.20% recorded between November 2022 and November 2023.
The report highlights a significant rise in food prices, pushing food inflation to 39.93% in November, up from 39.19% in October. Urban inflation stood at 37.10%, while rural inflation was recorded at 32.27%, further underscoring widespread economic strain.
The persistent inflation spike comes amidst the Central Bank of Nigeria’s (CBN) tightening monetary policies. In its 297th Monetary Policy Committee meeting held in November, the CBN raised the interest rate to 27.50% from 27.25%, citing rising inflation as a key justification for the hike.
The increasing cost of food and other essential goods continues to worsen living conditions, placing a heavier financial burden on households across the country.
Lagos State Police react to claims of them taking money from dispatch riders on the Coastal Road in Lagos.
It started after a rumour was shared that police arrest and take money from riders as a demand for high bribes, sometimes reaching ₦200,000, and seize motorcycles if not given.
The Police Public Relations Officer, SP Benjamin Hundeyin, then addressed the claims online and stated in his statement that he disagreed that the rumour is true and stated, “The spread of misinformation only causes more harm than good. In this era, we can and must do better.”
It has been announced by the governor of Ogun that Tuesday 3rd of February is a public holiday in order to mark the 50th anniversary of the state creation.
This public holiday declaration was released in a statement by the secretary of the state, Tokunbo Talabi.
He then added that the holiday will provide as a day for the citizens to participate in the activities for the state milestone.
Former Kogi politician, Dino Melaye, faces backlash from the public after he shared a video on social media of him abroad and living well through his luxurious lifestyle.
In the same video, he speaks about Nigeria’s current economy and shares his disappointment.
He wrote, “See country, God help us to build a true nation where our wicked leaders will be in jail and the right people in power. Nigeria must be fixed. YES WE CAN.”
However, many state that what he posted and what he is saying contradict each other, and they accused him of sharing his own records to know if he was a corrupt leader.
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