For the eleventh occasion in 2023, Nigeria experiences a rise in its inflation rate, reaching 28.20%.
Nigeria’s overall inflation rate has reached 28.20% for the eleventh time in 2023, according to the November Consumer Price Index report released by the National Bureau of Statistics on December 15, 2023.
In comparison to the October 2023 figure of 27.33%, the latest inflation rate represents a 0.87% increase. Furthermore, the year-on-year headline inflation rate for November 2023 increased by 6.73% points from the previous year, marking a notable rise from 21.47% to 28.20%.
The month-on-month inflation rate for November 2023 rose to 2.09%, signifying a 0.35% increase from October 2023. This implies a higher rate of average price level increase in November compared to the preceding month.
November 2023 saw a year-on-year food inflation rate of 32.84%, a significant increase of 8.72% points from the same period in 2022. The surge was attributed to elevated prices in various categories, including Bread and Cereals, Oil and Fat, Potatoes, Yam, and Other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa.
On a month-on-month basis, the food inflation rate for November 2023 reached 2.42%, showing a 0.51% increase from October 2023. This monthly increase was linked to higher average prices for Bread and Cereals, Oil and Fat, Meat, Coffee, Tea, Cocoa, Potatoes, Yam, and Other Tubers.
Core inflation, excluding volatile agricultural products and energy, stood at 22.38% on a year-on-year basis in November 2023, reflecting a 4.39% increase from the November 2022 rate of 17.99%.
The Core Inflation rate for November 2023 on a month-on-month basis was 1.53%, indicating an increase from the October 2023 rate of 1.39%, with a rise of 0.14%.
In November 2023, the year-on-year urban inflation rate rose to 30.21%, marking an 8.13% point increase from the November 2022 rate of 22.09%. On a month-on-month basis, the Urban inflation rate for November 2023 increased to 2.23%, reflecting a 0.41% increase from October 2023.
The year-on-year rural inflation rate for November 2023 stood at 26.43%, indicating an increase of 5.55% points from the November 2022 rate of 20.88%. On a month-on-month basis, the Rural inflation rate for November 2023 was 1.99%, showing a 0.31% increase from the October 2023 rate of 1.67%.
Source:
IntelRegion
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