Nigeria Inflation Hits 28.20%, the Highest - NBS

[Amazin Zion]

The Nigerian Bureau of Statistics (NBS) has revealed that inflation for November surged to 28.20% from 27.33% recorded in October, underscoring the rising cost of living in the country.

This was revealed in the new ‘Consumer Price Index: November 2023’ released on Friday, where the National Bureau of Statistics announced that the nation's inflation surged by 0.87% points in November to a new record high in almost two decades.

It reads,

• In November 2023, the headline inflation rate increased to 28.20% relative to the October 2023 headline inflation rate, which was 27.33%.
• Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to the October 2023 headline inflation rate.
• 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%. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 compared to the same month in the preceding year (i.e., November 2022).

Headline inflation on a month-on-month basis was 2.09%, which was 0.35% points higher than the records of October, which stood at 1.73%, bypassing the recent claims by the Central Bank that inflation will slow down month-on-month.

Read more: https://www.investingport.com/nigeria-inflation-hits-2820-the-highest-nbs/