Breaking: Nigeria’s inflation rate rises to 28.20% for November

Breaking: Nigeria’s inflation rate rises to 28.20% for November

In November 2023, the overall inflation rate in the country increased to 28.20%, surpassing the October 2023 rate of 27.33%. 

This represents a month-on-month rise of 0.87% and a year-on-year increase of 6.73% points compared to November 2022. 

The month-on-month inflation rate for November 2023 was 2.09%, exceeding the October 2023 rate of 1.73%.

Food inflation for November 2023 stood at 32.84% on a year-on-year basis, reflecting an 8.72% point increase from November 2022. 

The rise was attributed to increased prices in categories such as 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 for November 2023 was 2.42%, a 0.51% increase from October 2023.

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