As projected by many analysts and economic experts, Nigeria’s headline inflation rose to 28.20% in November this year, representing 0.87 % increase over the 27.33% recorded in the preceding month.
The National Bureau of Statistics (NBS) on Friday in its ‘CPI and Inflation November 2023’ report published on its website indicated that on a month-on-month basis, headline inflation increased to 2.09% in November 2023; 0.35 higher than 1.73% recorded in October 2023.
According to the CPI report, during the month under review food inflation inched up by 32.84% year-on-year (Y-o-Y) reflecting a 1.32% higher than 31.52% recorded in October 2023 while on a MoM basis, the rate increased to 2.42% in November 2023; 0.51 higher than 1.91% recorded in the preceding month.
However, the Bureau further clarified that in November this year, the nation’s Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 22.38% YoY, 0.19% lower than 22.58% recorded in October 2023 while on a MoM, core inflation marginally rose to 1.53%; showing 0.14 higher than 1.39% recorded in October this year.
A further analysis of the CPI report indicated that the year-on-year urban inflation rate in November 2023 reached 30.21%, marking an increase of 8.13% points from the November 2022 rate of 22.09%. On a month-on-month basis, the Urban inflation rate for November 2023 was 2.23%, reflecting a 0.41% increase compared to the October 2023 rate of 1.81%.
Similarly, the rural inflation rate for November 2023 year-on-year stood at 26.43%, indicating a rise of 5.55% points from the 20.88% recorded in November 2022 just as on MoM basis, the Rural inflation rate for the month under review rose to 1.99%, showing an increase of 0.31% points compared to the 1.67% recorded in the preceding month.
