Nigeria’s inflation jumps to 28.20% in November – National Bureau of Statistics

The headline inflation rate in Nigeria increased to 28.20 percent in November from 27.33 percent in October 2023.

This was revealed by the National Bureau of Statistics in its November consumer price index report.

The statistic depicts the eleventh increase in Nigeria’s headline inflation rates in 2023.

The November inflation rate increased by 0.87 percentage points over the October 2023 headline inflation rate. Year on year, the headline inflation rate was 6.73 percentage points higher than the rate recorded in November 2022, which was 21.47 percentage points.

This demonstrates that the headline inflation rate (year on year) increased in November 2023 compared to the same month the previous year (November 2022). Furthermore, the headline inflation rate in November 2023 was 2.09 percent, 0.35 percent higher than the rate in October 2023 (1.73 percent).

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

According to the research, the food inflation rate in November 2023 was 32.84 percent year on year, 8.72 percent more than the rate in November 2022 (24.13 percent). Food inflation increased year on year due to price rises in bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and coffee, tea, and cocoa.