APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate for the month of November 2023 increased to 28.20% relative to October 2023 headline inflation rate which was 27.33%.
The monthly report of the Consumer Price Index, which measures inflation and released in Abuja by the NBS showed an increase of 0.87% points when compared to October 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
“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%, which was 0.35% higher than the rate recorded in October 2023 (1.73%). 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 NBS said.
It stated that the urban inflation rate was 30.21%, this was 8.13% points higher compared to the 22.09% recorded in November 2022. And on a month-on month basis, the urban inflation rate was 2.23% in November 2023, this was 0.41% points higher compared to October 2023 (1.81%).
According to the report, the corresponding twelve-month average for the urban inflation rate was 25.45% in November 2023, and 6.56% points higher compared to the 18.90% reported in November 2022.
It said that Rural inflation rate in November 2023 was 26.43% on a year-on-year basis; representing 5.55% points higher compared to the 20.88% recorded in November 2022.
“On a month-on month basis, the rural inflation rate in November 2023 was 1.99%, up by 0.31% points compared to October 2023 (1.67%). The corresponding twelve-month average for the rural inflation rate in November 2023 was 22.71%. This was 4.83% points higher compared to the 17.88% recorded in November 2022,” it added.
GIK/APA