NIGERIA’S NOVEMBER INFLATION INCREASED TO 28.20%, ACCORDING TO NBS.

Bababtunji Wusu –

According to the National Bureau of Statistics’ November consumer price index report, Nigeria’s headline inflation rate increased from 27.33% in October 2023 to 28.20% in November.

The graph shows Nigeria’s headline inflation rates for the eleventh time in 2023. In November 2023, the headline inflation rate was 0.87 percentage points higher than it was in October 2023.

The headline inflation rate for November 2022 was significantly greater than it was for the same month the previous year, rising by 6.73% points from 21.47%.

Furthermore, the inflation rate for November 2023 was 2.09% on a month-over-month basis, indicating a 0.35% increase from the rate of 1.73% for October 2023. This suggests that in November 2023, the average rate of price level increase was higher than in October 2023.