The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 28.20 percent in November 2023, as against 27.33 percent recorded in October.
It showed an increase of 0.87% points when compared to October 2023.
The Consumer Price Index (CPI), as released by the NBS on Friday, December 15, 2023, indicated that 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).
“Furthermore, 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 (1.73%). This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in average price level in October 2023.
“The percentage change in the average CPI for the twelve-months period ending November 2023 over the average of the CPI for the previous twelve-months period was 24.01%, showing 5.64% increase compared to 18.37% recorded in November 2022.”
It said on a year-on-year basis, in November 2023, the Urban inflation rate was 30.21%, this was 8.13% points higher compared to the 22.09% recorded in November 2022. On a month-on-month basis, the Urban inflation rate was 2.23% in November 2023, this was 0.41% points higher compared to October 2023 (1.81%). The corresponding twelve-month average for the Urban inflation rate was 25.45% in November 2023. This was 6.56% points higher compared to the 18.90% reported in November 2022.
On the other hand, the Rural inflation rate in November 2023 was 26.43% on a year-on-year basis; this was 5.55% points higher compared to the 20.88% recorded in November 2022. On a month-on-month basis, the Rural inflation rate in November 2023 was 1.99%, up by 0.31% points compared to October 2023 (1.67%).
The corresponding twelve-month average for the Rural inflation rate in November 2023 was 22.71%. This was 4.83% points higher compared to the 17.88% recorded in November 2022.
The Food inflation rate in November 2023 was 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%). 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.
On a month-on-month basis, the Food inflation rate in November 2023 was 2.42% this was 0.51% higher compared to the rate recorded in October 2023 (1.91%). The rise in Food inflation on a month-on-month basis was caused by rise in the rate of increase in the average prices of Bread and Cereals, Oil and fat, Meat, Coffee, Tea and Cocoa, Potatoes, Yam & Other Tubers.
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 (20.41%).
