Follow Us on Google
From Isaac Anumihe, Abuja
For the 11th consecutive time, inflation rate has remained very high as it rose to 28.20 per cent in November 2023 with food prices contributing largely to the rise.
A document obtained from the website of National Bureau of Statistics (NBS), said that this is relative to October 2023 headline inflation rate which was 27.33 per cent.
According to the document, the food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, which was 8.72 per cent points higher compared to the rate recorded in November 2022 (24.13 per cent).
“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 and coffee; tea and cocoa.
“On a month-on-month basis, the food inflation rate in November 2023 was 2.42 per cent. This
was 0.51 per cent higher compared to the rate recorded in October 2023 (1.91 per cent). The rise in food inflation on a month-on-month basis was caused by rise in the rate of increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes, yam & other tubers.
“The average annual rate of food inflation for the 12 months ending November 2023 over the previous 12-month average was 27.09 per cent which was 6.68 per cent points increase from the average annual rate of change recorded in November 2022 (20.41 per cent)” the document, explained further.
Looking at the movement, the document, said November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to October 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent.
