Nigeria’s inflation skyrockets to 28.20% in November, surpassing two-decade high – NBS report
A recent report by Nigeria’s Bureau of Statistics tagged ‘Consumer Price Index: November 2023,’ has revealed that inflation in the country surged to 28.20 per cent in November, marking a significant uptick from the October figure of 27.33 per cent.
This 0.87 percentage point increase represents the highest inflation rate in almost two decades, exacerbating the ongoing cost of living crisis in Nigeria.
The report highlights a year-on-year increase of 6.73 per cent compared to November 2022, which recorded a rate of 21.47 per cent.
The month-on-month inflation for November 2023 stood at 2.09 per cent, surpassing October’s 1.73 per cent, contradicting earlier claims by the Central Bank of Nigeria suggesting a slowdown in month-on-month inflation.
Despite recent assertions by the former apex bank’s Director, Corporate Communications Department, Isa AbdulMumin, about signs of deceleration in prices, the report underscores a persistent inflationary trend.
The data challenges assertions that reforms in the money market and stability in the foreign exchange market were curbing inflation, as inflation continues to rise.
Forecasts by KPMG and Stears Business, aligning with this surge, now predict Nigeria’s inflation rate to close 2023 at around 30 per cent, pointing towards an increasingly challenging economic landscape.
