Official data from the National Bureau of Statistics (NBS) has shown that Nigeria’s headline inflation rate in November increased to 28.2%, which is 0.87% higher than October’s headline rate of 27.33%.
The statistics also showed that on a month-on-month basis, the headline inflation rate for November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October.
For many Nigerians, the cost of food remains a significant expense., as basics like bread and yam have become more expensive. The overall food inflation rate for November was 32.84%.
For the eleventh time this month, Nigeria’s inflation rate has increased, increasing pressure on the central bank to host a rate rise meeting.
Details to come later
Ozoma Samuel-Ugwuezi
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