Nigeria’s inflation reached 28.20% in November, marking a notable increase from October’s 27.33%, according to the National Bureau of Statistics. This surge of 0.87 percentage points in headline inflation highlights a deepening cost of living crisis in the country.
The ‘Consumer Price Index: November 2023’ report revealed that, on a year-on-year basis, the headline inflation rate rose by 6.73 percentage points compared to November 2022, reaching a record high not seen in almost two decades.
Additionally, on a month-on-month basis, November’s headline inflation stood at 2.09%, surpassing the October figure of 1.73%. This contradicts recent claims by the Central Bank of Nigeria suggesting a slowdown in month-on-month inflation.
Despite earlier indications of deceleration in prices in September, the inflation rate has continued to rise, prompting projections that Nigeria’s inflation might close at approximately 30% by the end of 2023, aligning with predictions from KPMG and Stears Business.
