Inflation rate in Nigeria rises to 28.20% in November

Headline inflation rate in Nigeria has risen to 28.20 per cent in November from 27.33 per cent in October 2023.

The National Bureau of Statistics revealed this in its consumer price index report for November.

The figure shows the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023.

Last month’s inflation rate depicted a jump of 0.87 per cent points compared to the October 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate gotten in November 2022, which was 21.47 per cent.

This details that the headline inflation rate on a year-on-year basis rose in November 2023 compared to the same month in the previous year (i.e., November 2022). Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, 0.35 per cent higher than in October 2023 (1.73 per cent).

The implication is that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

The report also showed that the Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent). The jump in food inflation on a year-on-year basis was occasioned by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

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