Recent report published by the National Bureau of Statistics revealed that Nigeria’s headline inflation rate in November 2023 increased to 28.20% relative to October 2023 headline inflation rate which was 27.33%.
Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to October 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).
Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%).
This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in average price level in October 2023.