The headline inflation rate in Nigeria reached a 20-year high of 28.2 percent in November, as revealed by the National Bureau of Statistics (NBS).
In a report published on Friday, the NBS stated that the headline inflation rate rose to 28.20 percent from 27.33 percent in October 2023.
Based on information gathered from the Central Bank of Nigeria’s website, the number is the highest on record.
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According to the NBS, the rate of food inflation rose to 32.84 percent in 2022, an increase of 8.72 percentage points over the rate that was reported in November 2022 (24.13 percent).
According to the report, “the rise in food inflation on a year-over-year basis was caused by increases in the prices of fish, bread and cereals, oil and fat, potatoes, yam and other tubers, coffee, tea, and cocoa.”
The food inflation rate in November 2023 was 2.42 percent on a month-over-month basis, which was 0.51 percent higher than the rate (1.91 percent) in October 2023.
It stated that the average cost of bread, cereals, meat, oil, tea, and cocoa, as well as potatoes, yams, and other tubers, had increased.
Additionally, the core inflation rate, or “all items less farm produces and energy,” which does not include the cost of volatile agricultural products and energy, was 22.38 percent year over year.
Compared to the 17.99 percent reported in November 2022, this is an increase of 4.39 percent. The survey stated that the prices of medical services, air travel, real and imputed housing rentals, pharmaceutical products, lodging services, and road travel for passengers all had the biggest price rises.
