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 National Bureau of Statistics (NBS) says.
It stated in its Consumer Price Index (CPI) and Inflation Report for November released in Abuja on Friday that the November 2023 rate was 6.73 per cent higher than what was recorded in November 2022.
In November 2022, 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.