National Bureau of Statistics says Nigeria’s headline inflation rate for November increased to 28.20% compared to the October which was 27.33%, an increase of 0.87% points.
The NBS in its Consumer Price Index of November 2023 said the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
According to the bureau, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023, which means the rate of increase in the average price level in November is more than the rate of increase in the average price level in October 2023.
NBS also submitted that 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.
The average annual rate of Food inflation for the twelve-months ending November 2023 over the previous twelve-month average was 27.09%, which was 6.68% points increase from the average annual rate of change recorded in November 2022.
