News
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.
It was reported that former Nigerian president Goodluck Jonathan has allegedly purchased a presidential candidate form for the 2027 elections.
It can be noted that Jonathan served as Nigeria’s president from 2010 to 2015.
This information was revealed by Sani Useni, a special assistant who made the claim. Many reacted to the news, with some expressing interest in seeing Jonathan return to power after staying relatively quiet politically since his administration ended.
However, Jonathan has not yet addressed the public or officially shared any presidential ambition.
The Christian Association of Nigeria (CAN) has reacted to the recent abduction incident in Oyo State.
It can be recalled that schools were attacked by armed men, with some teachers and students reportedly taken. Some people were also killed during the attack.
CAN cried out on behalf of the public, stating “It is intolerable, disgraceful and utterly unacceptable that Nigerian children can no longer sit safely in classrooms without the fear of being kidnapped by armed gangs.”
The organisation also stated that Nigerians are tired of constantly mourning and questioning when something will finally be done to stop the violence.
The Governor of Oyo State, Seyi Makinde, has revealed that seven teachers were abducted following a recent attack on a school in the state.
It was also shared that the number of students taken is still being investigated.
The governor further revealed that some people were killed during the attack and abduction.
He also added “With the pressure on the terrorists and the bandits in the North-West, they will keep moving southward.”
“When you have pressure in one place, we must be prepared on this side to either repel or neutralise any terrorists fleeing the pressure points.”
Victor Osimhen Speaks on His Childhood and Family Struggles
Dolapo Lawal Says Many Nigerians Abroad Are Surviving, Not Thriving
Sandra Claims She Has Evidence Against Frank Edoho
-
Sport19 hours agoRuben Amorim Linked With Benfica Managerial Role
-
Entertainment18 hours agoSandra Claims She Has Evidence Against Frank Edoho
-
Entertainment18 hours agoDolapo Lawal Says Many Nigerians Abroad Are Surviving, Not Thriving
-
News19 hours agoGoodluck Jonathan Reportedly Linked to 2027 Presidential Race
-
Sport17 hours agoVictor Osimhen Speaks on His Childhood and Family Struggles