December 15, (THEWILL) – Nigeria’s annual inflation rate rose to 28.20 percent in November from 27.33 percent in the previous month, the National Bureau of Statistics (NBS) said Friday.
The statistics office said the November 2023 headline inflation rate showed an increase of 0.87 percent points when compared to the October 2023 headline inflation rate.
The NBS said on a year-on-year basis, the headline inflation rate was 6.73 percent points higher compared to the rate recorded in November 2022, which was 21.47 percent.
“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),” it said.
According to the report, the food inflation rate in November 2023 quickened to 32.84 percent on a year-on-year basis, which was 8.72 percent points higher compared to the rate recorded in November 2022 (24.13 percent).
In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
President Bola Tinubu, on 29 May, during his inauguration, announced the removal of subsidy on petrol. This development has caused hardship for many Nigerians with its attendant increase in the prices of goods and services.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
