Inflation Rises to 28.20% in November

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities further rose to 28.20 per cent in November compared to 27.33 per cent in the preceding month, the National Bureau of Statistics (NBS) said Friday.
Year-on-year, headline inflation was also 6.73 per cent higher compared to 21.47 per cent recorded in November 2022.
According to the CPI report for the month under review, month-on-month, the headline index inflation rose to 2.09 per cent compared to 1.73 per cent in October.
In November, food inflation rose to 32.84 per cent year on year compared to 24.13 per cent in 2022.
The rise in the food index
was attributed to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa, potatoes, yam and other tubers.
The core index, which excludes the prices of volatile agricultural produces and energy increased to 22.38 per cent year on year in November
compared to 17.99 per cent in 2022.
The highest price increases was recorded in passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products, and accommodation service among others.
Month-on-month, core inflation rose to 1.53 per cent in November from 1.39 per cent in October.
Meanwhile, urban inflation rose 8.13 per cent to 30.21 per cent year on year compared to the 22.09 per cent in November 2022.
Month-on- month, the index also increased to 2.23 per cent from 1.81 per cent in October.
Similarly, rural inflation rose to 26.43 per cent year-on-year, up by 5.55 per cent compared to the 20.88 per cent in November 2022.
Month-on- month, rural inflation increased to1.99 per cent compared to 1.67 per cent in the preceding month.