Nigerian inflation soared to 28.20% in November, according to NBS

by OHAFIA TV Newsadmin
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Nigeria’s headline inflation rate increased from 27.33 percent in October 2023 to 28.20 percent in November.

This was revealed in the National Bureau of Statistics’ consumer price index data from November.

The graph shows Nigeria’s headline inflation rates for the eleventh time in 2023.

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In November 2023, the headline inflation rate was 0.87 percentage points higher than it was in October 2023. The headline inflation rate was 6.73 percentage points higher year over year than the rate of 21.47 percent recorded in November 2022.

This demonstrates that, when compared to the same month in the previous year (November 2022). the headline inflation rate increased in November 2023 on a year-over-year basis. Moreover, the headline inflation rate in November 2023 was 2.09 percent on a month-over-month basis, which was 0.35 percent higher than in October 2023 (1.73 percent).

This means that the average price level will have increased at a faster rate in November 2023 than it did in October 2023 at the latest.

Furthermore, according to the research, the annual rate of food inflation in November 2023 was 32.84 percent, which was 8.72 percent higher than the rate of 24.13 percent in November 2022. Increases in the cost of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, coffee, tea, and cocoa were the main causes of the annual increase in food inflation.

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