Nigeria’s headline inflation has risen to a 20-year high of 28.2 per cent in November, the National Bureau of Statistics (NBS) has disclosed.
The NBS, in a report released on Friday, said the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 percent.
According to the NBS, food inflation rate also increased to 32.84 per cent on a year-on-year basis, which was 8.72 percent points higher compared to the rate recorded in November 2022 (24.13 per cent).
“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,” it said.
On a month-on-month basis, the food inflation rate in November 2023 was 2.42 percent, 0.51 percent higher compared to the rate recorded in October 2023 (1.91 per cent).
It said the rise was caused by the increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes, yam & other tubers.
In addition, NBS said “all items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy stood at 22.38 per cent on a year-on year basis.
The body stated: “This is up by 4.39 per cent when compared to the 17.99 per cent recorded in November 2022. The highest increases were recorded in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products, accommodation service etc.”
