Nigeria’s annual inflation rate rose to 28.20 percent in November from 27.33 percent in the previous month, the National Bureau of Statistics (NBS) said Friday.
The statistics office said the November 2023 headline inflation rate showed an increase of 0.87 percent points when compared to the October 2023 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 6.73 percent points higher compared to the rate recorded in November 2022, which was 21.47 percent.
“This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e. November 2022),” it said.
Furthermore, the bureau said on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 percent, which was 0.35 percent higher than the rate recorded in October 2023 (1.73 percent).
This, it said, means 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.
According to the report, the food inflation rate in November 2023 quickened to 32.84 percent on a year-on-year basis, which was 8.72 percent points higher compared to the rate recorded in November 2022 (24.13 percent).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
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