Published on 16/12/2023
The bureau reported that the headline inflation rate for November 2023 witnessed a rise of 0.87 percentage points compared to October 2023.
- Nigeria’s headline inflation rate rose to 28.20% in November from 27.33% in October.
- The inflation rate showed an increase of 0.87 percentage points in the November 2023.
- Food inflation rate in November 2023 accelerated to 32.84%.
On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
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 the average price level in October 2023.
According to the report, the food inflation rate in October 2023 accelerated to 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%).
Food Inflation
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%).
Food prices have been steadily increasing in Nigeria in recent years, and the situation worsened due to the impact of government policies, including the removal of subsidies on petrol.
