In October, Nigeria's inflation hit 28.20%, per the National Bureau of Statistics (NBS)
In October, inflation rose to 28.20%, up from September's 27.33%, highlighting a deepening cost of living crisis in the nation.
According to the latest report, the National Bureau of Statistics disclosed that the headline inflation rate reached a new two-decade high in November, surging by 0.87 percentage points. The data from the 'Consumer Price Index: November 2023,' released on Friday, indicated that the November 2023 headline inflation rate increased to 28.20% compared to October's 27.33%.
Analyzing the trend, the November 2023 headline inflation rate witnessed a 0.87% point rise in comparison to the October 2023 figure.
The year-on-year comparison reveals that the headline inflation rate in November 2023 increased by 6.73 percentage points compared to November 2022, where the rate stood at 21.47 percent. This indicates a rise in the year-on-year headline inflation rate for November 2023 compared to the corresponding month in the previous year, November 2022.
In November 2023, the month-on-month headline inflation reached 2.09 percent, marking a 0.35 percentage point increase compared to October's figure of 1.73 percent. This contradicts a recent assertion by the Central Bank of Nigeria claiming a slowdown in month-on-month inflation.
The Director of the Corporate Communications Department at the former apex bank, Isa AbdulMumin, had recently stated, "Available statistics indicated the initial signs of price deceleration in September."
The ongoing money market reforms, initiated in October, have hastened the reduction in prices, as evidenced by the significant decline in month-on-month changes recorded in October.
The moderation in month-on-month price changes across headline, food, and core components of the consumer basket can be attributed to the reforms in the money market and the relative stability observed in the foreign exchange market.
Projections from KPMG and Stears Business align with expectations that Nigeria's inflation rate is likely to reach approximately 30 percent by the end of 2023.
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