Connect with us

    Hi, what are you looking for?

    Business

    Nigeria’s Inflation Hits 28.20% in November – NBS

    NBS

    Nigeria’s headline inflation rate for November increased to 28.20% compared to the October 2023 rate which was 27.33%, the National Bureau of Statistics has disclosed.

    The NBS in its Consumer Price Index of November 2023 published on Friday said the headline inflation rate showed an increase of 0.87% points when compared to that of October 2023.

    “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 the average price level in October 2023,” NBS said.

    It added that the food inflation rate in November 2023 was 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%).

    According to the NBS, “the rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

    “On a month-on-month basis, the Food inflation rate in November 2023 was 2.42% this was 0.51% higher compared to the rate recorded in October 2023 (1.91%).

    “The rise in food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Oil and fat, Meat, Coffee, Tea and Cocoa, Potatoes, Yam and other Tubers.

    “The average annual rate of Food inflation for the twelve-months ending November 2023 over the previous twelve-month average was 27.09%, which was a 6.68% points increase from the average annual rate of change recorded in November 2022 (20.41%).”

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    Nigerian Communications Commission (NCC) has welcomed the appointment of Mr. Idris Olorunnimbe as Chairman-designate of its Board, alongside other newly appointed members of the...

    Tech

    By Kehinde Ogundare, Country Head, Zoho Nigeria Business growth should feel energising — not like a daily struggle. When operations begin to scale, the...

    Tech

    Nigerian Communications Commission (NCC) has reiterated its commitment to the full operationalisation of President Bola Ahmed Tinubu’s Executive Order on Critical National Information Infrastructure...

    Sports

    National Basketball Association aka NBA has approved the sale of the Boston Celtics to an investment group led by American billionaire businessman, Bill Chisholm,...