Inflation rate increases further to 28.20% in November, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s inflation rate increased to 28.02 per cent in November 2023 from 27.33 per cent reported in October 2023.
NBS in its Consumer Price Index (CPI) report noted that the movement in November 2023 headline inflation rate showed an increase of 0.87per cent points when compared to October 2023 headline inflation rate.
According to NBS “On a year-on-year basis, the headline inflation rate was 6.73percentage points higher compared to the rate recorded in November 2022, which was 21.47per cent. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October 2023 (1.73 per cent). This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in average price level in October 2023.”
The report disclosed that percentage change in the average CPI for the 12-month period ending November 2023 over the average of the CPI for the previous twelve-months period was 24.01per cent, showing 5.64 per cent increase compared to 18.37 per cent recorded in November 2022.
On urban inflation rate, the report disclosed that “On a year-on-year basis, in November 2023, the Urban inflation rate was 30.21 per cent, this was 8.13percentage points higher compared to the 22.09 per cent recorded in November 2022.
“On a month-on-month basis, the Urban inflation rate was 2.23 per cent in November 2023, this was 0.41percentage points higher compared to October 2023 (1.81per cent). The corresponding twelve-month average for the Urban inflation rate was 25.45 per cent in November 2023. This was 6.56percentage points higher compared to the 18.90 per cent reported in November 2022.”
The Rural inflation rate in November 2023 was 26.43per cent on a year-on-year basis; this was 5.55percentage points higher compared to the 20.88 per cent recorded in November 2022.
“On a month-on-month basis, the Rural inflation rate in November 2023 was 1.99 per cent, up by 0.31percentage points com-pared to October 2023 (1.67 per cent).
“The corresponding twelve-month average for the Rural inflation rate in November 2023 was 22.71 per cent. This was 4.83percentage points higher compared to the 17.88 per cent recorded in November 2022,” the report on rural inflation rate revealed.
