Inflation rate rises to 28.20% for November as Nigerians enter yuletide season

In November 2023, the overall inflation rate rose to 28.20%, surpassing the October 2023 rate of 27.33%. This indicates a month-on-month increase of 0.87%. 

When compared to November 2022, the year-on-year headline inflation rate was notably higher, marking an increase of 6.73% points from the 21.47% recorded in the same month the previous year. 

Additionally, on a month-on-month basis, the inflation rate for November 2023 was 2.09%, showing a 0.35% increase from the October 2023 rate of 1.73%. This implies that the rate of average price level increase in November 2023 exceeded that observed in October 2023. 

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Food inflation 

For November 2023, the year-on-year Food inflation rate stood at 32.84%, marking an increase of 8.72% points from the November 2022 rate of 24.13%.  

The spike in Food inflation was driven by higher prices in categories such as Bread and Cereals, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Fruit, Meat, Vegetables, Coffee, Tea, and Cocoa. 

On a month-on-month basis, the Food inflation rate for November 2023 reached 2.42%, reflecting a 0.51% increase compared to the October 2023 rate of 1.91%. The monthly increase in Food inflation was attributed to a rise in the rate of average prices for Bread and Cereals, Oil and Fat, Meat, Coffee, Tea, Cocoa, Potatoes, Yam, and Other Tubers. 

Core inflation 

Core inflation, excluding the prices of volatile agricultural products and energy, reached 22.38% in November 2023 on a year-on-year basis. This reflects an increase of 4.39% compared to the November 2022 rate of 17.99%. 

The Core Inflation rate for November 2023 on a month-on-month basis was 1.53%, showing an increase from the October 2023 rate of 1.39%, with a rise of 0.14%. 

Urban inflation 

The year-on-year urban inflation rate in November 2023 reached 30.21%, marking an increase of 8.13% points from the November 2022 rate of 22.09%. On a month-on-month basis, the Urban inflation rate for November 2023 was 2.23%, reflecting a 0.41% increase compared to the October 2023 rate of 1.81%. 

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Rural inflation 

The year-on-year rural inflation rate for November stood at 26.43%, indicating a rise of 5.55% points from the November 2022 rate of 20.88%. On a month-on-month basis, the Rural inflation rate for November 2023 was 1.99%, showing an increase of 0.31% points compared to the October 2023 rate of 1.67%.