Nigeria’s inflation rate hits 28.2% in November – NBS

Nigeria’s headline inflation rate increased to 28.2 percent in November, showing a 0.87 percent increase over the 27.33 percent recorded in October, the National Bureau of Statistics (NBS) says.

It stated in its Consumer Price Index (CPI) and Inflation Report for November released in Abuja on Friday that the November 2023 rate was 6.73 percent higher than what was recorded in November 2022.

In November 2022, the headline inflation rate stood at 21.47 percent.

It added that 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 items in the basket of goods and services at the divisional level.

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 stated.

The NBS stated also that on a month-on-month basis, the headline inflation rate in November was 2.09 percent, which was 0.35 percent higher than the rate recorded in October at 1.73 percent.

“This means that in November, the rate of increase in the average price level is greater than the rate of increase in the average price level in October,’’ it stated.

It added that the percentage change in the average CPI for the 12 months ending November 2023 over the average of the CPI for the previous corresponding 12-month period was 24.01 percent.

“This indicates a 5.64 percent increase compared to 18.37 percent recorded in November 2022,’’ it stated.

The report indicated that the food inflation rate in November increased to 32.84 percent on a year-on-year basis, which was 8.72 percent higher compared to the rate recorded in November 2022 at 24.13 percent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea, and cocoa,’’ it stated.

It added that on a month-on-month basis, the food inflation rate in November was 2.42 percent, which was a 0.51 percent increase compared to the rate recorded in October 2023 at 1.91 percent.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea, cocoa, potatoes, and other tubers.

“All items, less farm produce and energy, or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.38 percent in November on a year-on-year basis.

“This increased by 4.39 percent compared to 17.99 percent recorded in November 2022.

“The exclusion of petrol is due to the deregulation of the commodity by the removal of subsidies,’’ the NBS stated.

It was noted that the highest increases were recorded in the prices of transportation by road and by air, medical services, actual and imputed rentals for housing, pharmaceutical products, and accommodation.

The NBS said on a month-on-month basis, the core inflation rate was 1.53 percent in November 2023.

“This indicates a 0.14 percent rise compared to what was recorded in October 2023 at 1.39 percent.”

“The average 12-month annual inflation rate was 20.35 percent for the 12 months ending November 2023; this was 4.66 percent higher than the 15.69 percent recorded in November 2022,’’ it stated.

It added that on a year-on-year basis, the urban inflation rate in November was 30.21 percent, which was 8.13 percent higher than the 22.09 percent recorded in November 2022.

“On a month-on-month basis, the urban inflation rate was 2.31 percent in November, representing a 0.41 percent increase compared to October 2023 at 1.81 percent,’’ it added.

The report said on a year-on-year basis, in November, the inflationary rate in rural areas was 26.43 percent, which was 5.55 percent higher compared to the 20.88 percent recorded in November 2022.

“On a month-on-month basis, the rural inflation rate was 1.99 percent, which increased by 0.31 percent compared to October 2023 at 1.67 percent,’’ it stated.

On a state's profile analysis, the report showed that the all-item inflation rate on a year-on-year basis in November was highest in Kogi at 33.28 percent, followed by Lagos at 32.30 percent, and Rivers at 32.25 percent.

The slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.47 percent, followed by Katsina at 24.91 percent, and Plateau at 25.53 percent.

The report added that in November 2023, the all-items inflation rate on a month-on-month basis was highest in Kano at 3.55 percent, followed by Kebbi at 3.34 percent, and Borno at 3.24 percent.

“Taraba was at 0.74 percent, followed by Anambra at 1 percent, while Enugu State at 1.18 percent recorded the slowest rise in month-on-month inflation,’’ the NBS stated.

The report said on a year-on-year basis, food inflation was highest in Kogi at 41.29 percent, followed by Kwara at 40.72 percent, and Rivers at 40.22 percent.

"Baunani at 26.14 percent, followed by Borno at 27.34 percent, and Jigawa at 27.63 percent, recorded the slowest rise in food inflation on a year-on-year basis.,’’ it stated.

The report showed, however, that on a month-on-month basis, food inflation was highest in Cross River at 4.37 percent, followed by Edo at 3.95 percent, and Rivers at 3.91 percent.

Anambra at 0.63 percent, followed by Oyo at 0.91 percent, and Bauchi at 1 percent, recorded the slowest rise in inflation on a month-on-month basis, the NBS stated.