Nigeria’s headline inflation surged to 28.2 per cent in November, marking a significant 0.87 per cent increase from October’s 27.33 per cent, as revealed by the National Bureau of Statistics (NBS). The latest Consumer Price Index (CPI) and Inflation Report released on Friday disclosed that this rate was 6.73 per cent higher than that recorded in November 2022, standing at 21.47 per cent.
The upward trajectory was attributed to increases in various divisions, particularly in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, clothing, footwear, and transport. The report highlighted upward trends in furnishing, household equipment, maintenance, education, health, miscellaneous goods and services, restaurants, hotels, alcoholic beverages, tobacco, kola, recreation, culture, and communication.
On a month-on-month basis, November’s headline inflation rate was 2.09 per cent, indicating a 0.35 per cent rise from October’s 1.73 per cent. The 12-month annual inflation rate stood at 24.01 per cent, marking a 5.64 per cent increase from November 2022’s 18.37 per cent.
Food inflation in November rose to 32.84 per cent year-on-year, marking an 8.72 per cent increase compared to the same period in 2022 at 24.13 per cent. On a month-on-month basis, food inflation reached 2.42 per cent, a 0.51 per cent rise from October’s 1.91 per cent. The surge was attributed to increased prices in oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea, and cocoa.
Core inflation, excluding volatile items like farm produce and energy, stood at 22.38 per cent year-on-year in November, a 4.39 per cent increase from November 2022’s 17.99 per cent. The exclusion of petrol was noted due to its deregulation by the removal of subsidies.
Urban inflation in November reached 30.21 per cent year-on-year, 8.13 per cent higher than November 2022’s 22.09 per cent, with a month-on-month increase of 2.31 per cent. In rural areas, year-on-year inflation was 26.43 per cent, a 5.55 per cent increase from November 2022’s 20.88 per cent, and a month-on-month increase of 1.99 per cent.
In a state-wise breakdown, Kogi recorded the highest all-items inflation rate at 33.28 per cent year-on-year, while Kano had the highest month-on-month rate at 3.55 per cent.
Borno recorded the slowest rise in year-on-year inflation at 22.47 per cent, with Taraba recording the slowest rise in month-on-month inflation at 0.74 per cent.
Food inflation was highest in Kogi at 41.29 per cent year-on-year and Cross River at 4.37 per cent month-on-month.
Despite efforts to control inflation, the data underscores the ongoing challenges facing Nigeria’s economic landscape, requiring strategic interventions for stability and sustainable growth.
