Nigeria’s inflation rate jumps to 28.2% in November

Nigeria’s headline inflation rate increased to 28.2 per cent in November, showing a 0.87 per cent points increase over the 27.33 per cent recorded in October, the National Bureau of Statistics (NBS) said.

Its Consumer Price Index (CPI) and Inflation Report for November, released in Abuja on Friday, stated that the November 2023 rate was 6.73 per cent higher than in November 2022.

In November 2022, the headline inflation rate stood at 21.47 per cent.

It added that the increase in the headline index for November 2023 on a year-on-year basis and month-on-month basis was attributable to increases in items in the basket of goods and services at the divisional level.

Increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, other fuels, clothing and footwear, and transport.

There were also increases in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication, it stated.

The NBS also stated that on a month-on-month basis, the headline inflation rate in November was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October at 1.73 per cent.

“This means that in November, the rate of increase in the average price level is more than the rate of increase in the average price level in October,’’ it stated.

It added that the percentage change in the average CPI for the 12 months ending November 2023 over the average for the previous corresponding 12-month period was 24.01 per cent.

“This indicates a 5.64 per cent increase compared to 18.37 per cent recorded in November 2022,’’ it stated.

The report indicated that the food inflation rate in November increased to 32.84 per cent on a year-on-year basis, which was 8.72 per cent higher compared to the rate recorded in November 2022 at 24.13 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea, and cocoa,’’ it stated.

It added that on a month-on-month basis, the food inflation rate in November was 2.42 per cent, a 0.51 per cent increase compared to the rate recorded in October 2023 at 1.91 per cent.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes and other tubers.

“All items, less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.38 per cent in November on a year-on-year basis.

“This increased by 4.39 per cent compared to 17.99 per cent recorded in November 2022.

“The exclusion of petrol is due to the deregulation of the commodity by removal of subsidy,’’ the NBS stated.

It noted that the highest increases were recorded in the costs of transportation by road and by air, medical services, actual and imputed rentals for housing, pharmaceutical products and accommodation.

The NBS said the core inflation rate was 1.53 per cent in November 2023 on a month-on-month basis.

“This indicates a 0.14 per cent rise compared to what was recorded in October 2023 at 1.39 per cent.

“The average 12-month annual inflation rate was 20.35 per cent for the 12 months ending November 2023; this was 4.66 per cent points higher than the 15.69 per cent recorded in November 2022,’’ it stated.

It added that on a year-on-year basis, the urban inflation rate in November was 30.21 per cent, 8.13 per cent higher than the 22.09 per cent recorded in November 2022.

“On a month-on-month basis, the urban inflation rate was 2.31 per cent in November, representing a 0.41 per cent increase compared to October 2023 at 1.81 per cent,’’ it added.

The report said on a year-on-year basis in November, the inflationary rate in rural areas was 26.43 per cent, which was 5.55 per cent higher than the 20.88 per cent recorded in November 2022.

“On a month-on-month basis, the rural inflation rate was 1.99 per cent, which increased by 0.31 per cent compared to October 2023 at 1.67 per cent,’’ it stated.

On states’ profile analysis, the report showed that the all-items inflation rate on a year-on-year basis in November was highest in Kogi at 33.28 per cent, followed by Lagos at 32.30 per cent and Rivers at 32.25 per cent.

The slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.47 per cent, followed by Katsina at 24.91 per cent and Plateau at 25.53 per cent.

(NAN)