By Tony Obiechina Abuja
The Nigeria’s inflationary trend has maintained a steady rise, hitting 28.20 percent in the month of November, 2023.
This is against 27.33 percent recorded in the previous month of October, of the same year, according to report released by the National Bureau of Statistics (NBS) on Friday.
The report said: “Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to 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 inflationrate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was2.09%, which was 0. 35% higher than the rate recorded in October 2023 (1.73%). This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in average price level in October 2023.
The price of items which contributed immensely to the increase mostly include Food & Non-Alcoholic Beverages which accounted for 1.08 percent on month-to-month basis.
The contributions of items on Divisional level to the increase in the Headline index are presented below:
The percentage change in the average CPI for the twelve-months period ending November 2023 over the average of the CPI for the previous twelve-months period was 24.01%, showing 5.64% increase compared to 18.37% recorded in November 2022.
Also, in urban inflation, on a year-on-year basis, in November 2023, the Urban inflation rate was 30.21%, this was8.13% points higher compared to the 22.09% recorded in November 2022. On a month-on month basis, the Urban inflation rate was 2.23% in November 2023, this was 0.41% points higher compared to October 2023 (1.81%). The corresponding twelve-month average for the Urban inflation rate was 25.45% in November 2023. This was 6.56% points higher compared to the 18.90% reported in November 2022. READ ALSO:
- ICPC recovers 400 tricycles allegedly withheld by lawmaker
- Two men arrested over alleged ATM card swap in bank
- Osolo Stool: I’m The Duly Elected Osolo, Prince Jimmy Yekini-Goloba Tells Court
- Police uncover over 30 decomposed bodies after bandits’ attack
- Youths storm checkpoint, recover N4,200 allegedly extorted by police
Further, the Rural inflation rate in November 2023 was 26.43% on a year-on-year basis; this was 5.55% points higher compared to the 20.88% recorded in November 2022. On a month-on month basis, the Rural inflation rate in November 2023 was 1.99%, up by 0.31% points compared to October 2023 (1.67%).
The corresponding twelve-month average for the Rural inflation rate in November 2023 was22.71%. This was 4.83% points higher compared to the17.88% recorded in November 2022.
