Nigeria witnessed a surge in its inflation rate from 27.33% in October 2023 to 28.20% in November 2023, the latest ‘CPI and Inflation Report’ released by the National Bureau of Statistics (NBS) said on Friday.
The report highlighted a substantial increase of 0.87% points in the headline inflation rate for November 2023 compared to the previous month. Year-on-year, this indicated a notable rise of 6.73% points from November 2022, which registered an inflation rate of 21.47%.
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The NBS underscored that this surge demonstrated a significant escalation in the headline inflation rate year-on-year, comparing November 2023 with the same month in 2022.
The report further emphasized that the month-on-month inflation rate for November 2023 stood at 2.09%, marking a 0.35% increase compared to October 2023’s rate of 1.73%. This statistic indicated that the increment in the average price level during November 2023 outpaced the rate witnessed in October 2023.
Specifically addressing food inflation, the report indicated a substantial increase to 32.84% on a year-on-year basis in October 2023. This marked an 8.72% rise compared to November 2022’s food inflation rate of 24.13%.
The report cited several factors contributing to this surge, including heightened prices for Bread and cereals, Oil and fat, potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa. Additionally, the month-on-month food inflation rate for November 2023 rose to 2.42%, depicting a 0.51% increase compared to October 2023’s rate of 1.91%.