The increasing prices of food items in Nigeria have contributed to the rising inflation rate in November, which increased to 28.20 per cent from the 27.33 per cent recorded in October, the National Bureau of Statistics (NBS) disclosed on Friday.
Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.
The NBS said, “In November 2023, the headline inflation rate increased to 28.20% relative to the October 2023 headline inflation rate, which was 27.33%.”
On a year-on-year basis, the headline inflation rate was 6.73 per cent higher compared to the rate recorded in November 2022, which was 21.47 per cent.
This shows that the headline inflation rate, on a year-on-year basis, increased in November 2023 when compared to the same month in the preceding year, November 2022.
Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, which was 0.35 per cent higher than the 1.73 per cent recorded in October 2023.
This means that in November 2023, the rate of increase in the average price level will be higher than the rate of increase in the average price level in October 2023.
According to the NBS, “the percentage change in the average CPI for the twelve months ending November 2023 over the average of the CPI for the previous twelve-month period was 24.01%, showing a 5.64% increase compared to 18.37% recorded in November 2022.”.
On a year-on-year basis, in November 2023, the urban inflation rate was 30.21 per cent; this is 8.13 per cent higher compared to the 22.09 per cent recorded in November 2022.
On a month-on-month basis, the urban inflation rate was 2.23 per cent in November 2023, representing a 0.41 per increase compared to 1.81 per cent in October 2023.
The corresponding twelve-month average for the urban inflation rate was 25.45 percent in November 2023, 6.56 per cent higher compared to the 18.90 percent reported in November 2022.
The rural inflation rate in November 2023 was 26.43 percent on a year-on-year basis; this is 5.55 percent higher compared to the 20.88 percent recorded in November 2022.
On a month-on-month basis, the rural inflation rate in November 2023 was 1.99 percent, up by 0.31 percent points compared to 1.67 percent in October 2023.
The corresponding twelve-month average for the Rural inflation rate in November 2023 was 22.71 percent, representing 4.83 percent points higher compared to the
17.88 percent was recorded in November 2022.
The NBS said, “The food inflation rate in November 2023 was 32.84 percent on a year-on-year basis, which was 8.72 percent higher compared to the 24.13 percent recorded in November 2022.
“The rise in food inflation on a year-on-year basis was caused by increases in prices of 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 in November 2023 was 2.42 percent. This was 0.51 percent higher compared to the 1.91 percent recorded in October 2023.
“The rise in food inflation on a month-on-month basis was caused by a rise in the rate of increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea, cocoa, potatoes, yam, and other tubers.
“The average annual rate of food inflation for the twelve months ending November 2023 over the previous twelve-month average was 27.09%, which was a 6.68% point increase from the average annual rate of 20.41 percent change recorded in November 2022.”
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