Nigeria's annual inflation rate increased to 28.20% in November 2023, showing a rise of 0.87% compared to the previous month. On a year-on-year basis, the inflation rate was 6.73% higher than the rate recorded in November 2022. The month-on-month inflation rate in November 2023 was 2.09%, indicating a higher rate of increase in the average price level compared to October 2023.
Nigeria ’s annual inflation rate rose to 28.20 per cent in November from 27.33 per cent in the previous month, the The statistics office said the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate. The NBS said 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.
“This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e. November 2022),” it said. Furthermore, the bureau said on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October 2023 (1.73 per cent). This, it said, means that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 202
Nigeria Inflation Rate November 2023 Year-On-Year Month-On-Month Average Price Level