Inflation surged to 28.20 per cent in October from 27.33 per cent in September, underscoring a worsening cost of living crisis in the country.
In its new ‘Consumer Price Index: November 2023’ released on Friday, the National Bureau of Statistics revealed that headline inflation surged by 0.87 percentage points in November to a new record high in almost two decades.
It said, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent.
“Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.
“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).”
On a month-month basis, headline inflation in November 2023 was 2.09 per cent. Which was 0.35 percentage points higher than what was recorded in October (1.73 per cent), defeating a recent claim by the Central Bank of Nigeria that inflation is slowing down m-o-m.
Recently, the former apex bank’s Director, Corporate Communications Department, Isa AbdulMumin, said, “Available statistics showed that the first indication of deceleration in prices was recorded 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.”
Nigeria’s inflation rate is now poised to close 2023 at about 30 per cent, aligning with recent predictions by KPMG and Stears Business.