Nigeria’s headline inflation surged to 28.20 percent in November, rising from 27.33 percent in October 2023, as disclosed by the National Bureau of Statistics in its November consumer price index report.
This marks the eleventh consecutive increase in Nigeria’s headline inflation rates throughout 2023.
The November figures showed a notable 0.87 percentage point escalation from the October 2023 headline inflation rate. In a year-on-year comparison, the November 2023 headline inflation rate was 6.73 percentage points higher than the rate recorded in November 2022, which stood at 21.47 percent.
This indicates a higher year-on-year headline inflation rate in November 2023 compared to the same period in the previous year (November 2022). Additionally, on a month-on-month basis, the November 2023 headline inflation rate reached 2.09 percent, marking a 0.35 percent increase from October 2023 (which was at 1.73 percent).
Consequently, in November 2023, the rate of increase in the average price level surpassed that of October 2023.
The report highlighted that the Food inflation rate in November 2023 reached 32.84 percent on a year-on-year basis, showing an 8.72 percentage point surge from November 2022 (which was at 24.13 percent). This upward trend in food inflation was attributed to price hikes in Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa.
