Headline inflation in Nigeria has increased to 28.20% in November, 2023, relative to October 2023 headline inflation rate which was 27.33%.
The Consumer Price Index (CPI) and inflation report for November 2023 released by the National Bureau of Statistics showed an increase of 0.87% points when compared to October 2023 headline inflation rate.
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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%.
Food & Non-Alcohol Beverages contributed the most to the year-on-year inflation, adding 14.61%. Clothing & Footwear and Transport contributed 2.16% and 1.84% to the inflation figures.
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%).
Urban inflation in November was 30.21% when taken on a yar-on-year basis, 8.13% points higher compared to the 22.09% recorded in November 2022. 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%).
The Rural inflation rate in November 2023 was 26.43% on a year-on-year basis; this was 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 com-pared to October 2023 (1.67%).
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%). 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.
Year-on-year, the highest rise was recorded in Kogi with 33.28%, followed by Lagos and Rivers with 32.30% and 32.25% respectively. The lowest rise was recorded in Borno with 22.47%, followed by Katsina and Plateau with 24.91% and 25.53% respectively.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
