Nigeria’s headline inflation rose to 34.6% in November, up from 33.88% in October. YoY, it increased by 6.4 percentage points compared to November 2023. On a month-on-month basis, inflation was 2.638%, slightly lower than October’s 2.64%. Nigeria’s inflation rate rose to a 28-year high of 34.6% in November, exceeding expectations. The central bank has raised the key interest rate by 875 bps this year to curb inflation and stabilize the NGN, which has depreciated by 41% against the USD. The central bank expects inflation to ease in 2025 due to these measures.