In October, Nigeria’s Inflation experienced a notable uptick, rising to 28.20%, up from 27.33% in September, pointing out an escalating cost of living crisis in the nation.
According to the recently released ‘Consumer Price Index: November 2023’ by the National Bureau of Statistics on Friday, headline inflation increased by 0.87 percentage points in November, reaching a new record high not seen in almost two decades.
It said, “In November 2023, the headline inflation rate increased to 28.20 percent relative to October 2023 headline inflation rate, which was 27.33 percent.
“Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 percent points when compared to the October 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 6.73 percent higher compared to the rate recorded in November 2022, which was 21.47 percent. 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).”
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In November 2023, monthly headline inflation reached 2.09 percent, marking a 0.35 percentage point increase compared to October’s figure of 1.73 percent.
This contradicts the Central Bank of Nigeria’s recent assertion that month-on-month inflation is on a downward trend.
Isa AbdulMumin, the former Director of the central bank’s Corporate Communications Department, stated that data indicated the initial signs of a slowdown in prices were observed in September.
“Further reforms in the money market, which commenced in October, had accelerated easing in prices, as indicated by the substantial drop in month-on-month changes recorded in October.
“Moderation in month-on-month changes in prices observed in the headline, food, and core components of the consumer basket followed reforms in the money market and relative stability in the FX market.”
The inflation rate in Nigeria is anticipated to reach approximately 30 percent by the end of 2023, in line with recent forecasts from both KPMG and Stears Business.