BREAKING: Economic Hardship Worsen As Nigeria’s Inflation Rate Hits 28.20% For Eleventh Time In 2023

In November 2023, the overall inflation rate in the country increased to 28.20%, surpassing the October 2023 rate of 27.33% leading to more economic hardship for nigerians.

VerseNews reports that the National Bureau of Statistics disclosed this in its November consumer price index report.

The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023.

This also 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%.

The implication is that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

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.