Categories: Economy And Business Top Stories

Inflation Rate In Nigeria Rises To 28.20% For November 2023 Under Tinubu’s Watch

the National Bureau of Statistics (NBS) disclosed this in its November consumer price index report.

Advertisement
Advertisement

Inflation Rate in Nigeria rose to 28.20% for November 2023 under President Tinubu’s watch.

 

NewsOnline Nigeria reports that the headline inflation rate in Nigeria rose to 28.20 per cent in November from 27.33 per cent in October 2023.

 

This Nigeria news platform understands that the National Bureau of Statistics (NBS) disclosed this in its November consumer price index report.

 

ALSO: UK Move To Deport Nigerians, Other Foreign Students With Low Grades

 

The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023.

The November inflation rate showed an increase of 0.87 per cent points 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 compared to the same month in the preceding year (i.e., November 2022). Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, 0.35 per cent higher than in October 2023 (1.73 per cent).

 

The implication is 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 2023.

 

Also, the report indicated that the Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent). The rise in food inflation on a year-on-year basis was caused by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Economy And Business

Widows, Wives, and Over 2,000 Residents of Ikeja Police Barracks Benefit from Healthcare and Aid Initiative

Over 2,000 individuals from the Ikeja Police Barracks community benefited from an impactful outreach program spearheaded by Young Professionals for Tinubu (YP4T), an…

18 hours ago
  • Featured

Open Heaven 24 December 2024 RCCG Daily Devotional

Open Heaven 24 December 2024 RCCG Daily Devotional can be accessed below.   NewsOnline Nigeria…

18 hours ago
  • Exchange Rates

Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 24 December 2024

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 24 December 2024.…

18 hours ago
  • Crime Watch

BREAKING: Dele Farotimi Released From Prison Few Hours To Christmas

Dele Farotimi has been released from prison few hours to Christmas.   NewsOnline Nigeria reports…

18 hours ago
  • Crime Watch

BREAKING: Queen Naomi, Oriyomi, Fasasi Remanded In Prison Over Ibadan Stampede

Queen Naomi, Oriyomi, and Fasasi have been remanded in prison over the Ibadan stampede.  …

18 hours ago
  • Entertainment

New Edition of the ‘I Just Saw Jesus’ Book Extends 40-Year Legacy of Media Ministry

Forty years after the release of the original JESUS film, Jesus Film Project is releasing an…

18 hours ago