Nigeria's Inflation Rate Rises to 28.2 Percent in November

The country's consumer price index, a main gauge of inflation, soared about 6.73 percentage points, compared to the rate of 21.47 percent in November 2022, the statistics bureau said.

On a month-on-month basis, the headline inflation rate in November 2023 was 2.09 percent, a 0.35 percentage points higher than the rate recorded in October, the NBS said.

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 data-x-items in the basket of goods and services at the divisional level," the NBS said, noting that increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and 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 said.

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