Business
BREAKING: Economic Hardship Worsen As Nigeria’s Inflation Rate Hits 28.20% For Eleventh Time In 2023
The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates 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.
FULL LIST: Peter Mbah Approves Appointment of 101 New Aides
Governor Peter Mbah of Enugu State has approved the appointment of 101 new political aides, comprising seven Special Advisers, six...
Tinubu Abroad: Presidency Explains Who Is Running Nigeria
Presidential adviser Daniel Bwala has said President Bola Tinubu can continue to exercise his presidential responsibilities while outside Nigeria.....
FG Threatens to Shut Lagos-Calabar Coastal Highway in Two Weeks
The Federal Government has threatened to shut the Lagos section of the Lagos-Calabar Coastal Highway within two weeks if safety...
IPOB: Knesset Writes the UN — Jerusalem Is Delivering on the Promise
Mazi Chris Nwaọgụ has claimed that international pressure over Nnamdi Kanu’s continued detention is growing, while reiterating IPOB’s planned election...
Jehovah’s Witnesses Make Fresh Decision on Blood Transfusions
Jehovah’s Witnesses have announced a change concerning the four main components of blood.
BREAKING: FG Suspends 21 NSCDC Officers, Releases Full List
The Federal Government has suspended the Niger State Commandant of the NSCDC and 20 other officers following the deaths of...
FG Gives Fresh Update as 10-Member Panel Probes Deaths of 37 NSCDC Detainees
The Federal Government has constituted a 10-member independent committee to investigate the deaths of 37 suspected illegal miners...
Alex Otti Gives Fresh Update on Political Future, Says He Will Retire After Tenure
Abia State Governor Alex Otti has said he will retire from active politics after completing his tenure, ruling out a...
BREAKING: FG Plans Low-Key 66th Independence Celebration for Nigerians
President Bola Tinubu will address Nigerians in a nationwide broadcast on October 1 as the Federal Government prepares a low-key...
BREAKING: Youths Seeks Release of #EndSARS Report
Ogun youths have urged Governor Dapo Abiodun to make public the report of the state’s Judicial Panel of Investigation on...
You must be logged in to post a comment Login