Inflation Rises to 28.20%

The National Bureau of Statistics (NBS) has released new data that showed that Nigeria’s headline inflation rate increased to 28.20 per cent in November relative to October 2023 headline inflation rate, which was 27.33 per cent.

The November 2023 inflation rate showed an increase of 0.87 per cent points when compared to 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 recorded in November 2022, which was 21.47 per cent.

Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, which was 8.72 per cent points higher compared to the rate recorded in November 2022 (24.13 per cent).

The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa.

On a month-on-month basis, the food inflation rate in November 2023 was 2.42 per cent, this was 0.51% higher compared to the rate recorded in October 2023 (1.91 per cent).

The rise in food inflation on a month-on-month basis was caused by rise in the rate of increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes, yam and other tubers, according to NBS.

The average annual rate of food inflation for the twelve-month ending November 2023 over the previous twelve-month average was 27.09 per cent, which was 6.68 per cent points increase from the average annual rate of change recorded in November 2022 (20.41 per cent).

On a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October 2023 (1.73 per cent).

This means that in November 2023, the rate of increase in the average price level was more than the rate of increase in average price level in October 2023.