Nigeria’s Inflation Rate Hits 28.2% In November – NBS

The National Bureau of Statistics (NBS) yesterday said Nigeria’s headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October.
The NBS noted that the November 2023 rate was 6.73 per cent higher than what was recorded in November 2022.

The bureau stated this in its Consumer Price Index (CPI) and Inflation Report for November released in Abuja.

In November 2022, it said the headline inflation rate stood at 21.47 per cent.

It added that the increase in the headline index for November 2023 on a year-on-year basis and month-on-month basis was attributable to increases in items in the basket of goods and services at the divisional level.

Increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, clothing and footwear, and transport.

There were increases also in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication, it stated.

The NBS stated also that on a month-on-month basis, headline inflation rate in November was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October at 1.73 per cent.

“This means that in November, the rate of increase in the average price level is more than the rate of increase in the average price level in October,’’ it stated.

It added that the percentage change in the average CPI for the 12 months ending November 2023 over the average of the CPI for the previous corresponding 12-month period was 24.01 per cent.

“This indicates a 5.64 per cent increase compared to 18.37 per cent recorded in November 2022,’’ it stated.

The report indicated that food inflation rate in November increased to 32.84 per cent on a year-on-year basis, which was 8.72 per cent higher compared to the rate recorded in November 2022 at 24.13 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea and cocoa,’’ it stated.

It added that on a month-on-month basis, the food inflation rate in November was 2.42 per cent, which was a 0.51 per cent increase compared to the rate recorded in October 2023 at 1.91 per cent.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes and other tubers.

“All items, less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.38 per cent in November on a year-on-year basis.

“This increased by 4.39 per cent compared to 17.99 per cent recorded in November 2022.

“The exclusion of petrol is due to the deregulation of the commodity by removal of subsidy,’’ the NBS stated.