July 21, 2024

The headline inflation rate in Nigeria reached a 20-year high of 28.2 percent in November, according to the National Bureau of Statistics (NBS).

In a report issued on Friday, the NBS stated that the headline inflation rate jumped to 28.20 percent from 27.33 percent in October 2023.

The figure is the highest ever recorded according to data gathered from the Central Bank of Nigeria’s website.

According to the NBS, food inflation surged to 32.84 percent year on year, 8.72 percent more than the rate reported in November 2022 (24.13 percent).

“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,” it said.

On a month-on-month basis, the food inflation rate in November 2023 was 2.42 percent, 0.51 percent higher compared to the rate recorded in October 2023 (1.91 percent).

It said the rise was caused by the increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes, yam & other tubers.

Also, the “all items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy stood at 22.38 percent on a year-on year basis.

“This is up by 4.39 percent when compared to the 17.99 percent recorded in November 2022. The highest increases were recorded in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products, accommodation service etc,” the report added.

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