Nigeria’s Inflation Rises To 28.20% Under President Tinubu

Nigeria’s inflation has risen to 28.20% under President Tinubu.

Newsone Nigeria reports that Nigeria’s headline inflation rate rose to 28.20 percent in November from 27.33 percent in October 2023, the National Bureau of Statistics (NBS) disclosed this in its November consumer price index report.

This online news platform understands that the figure presents the Eleventh times hike in Nigeria’s inflation headline inflation rates this year.

The November inflation rate showed an increase of 0.87 percent points compared to the October 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.73 percent points higher compared to the rate recorded in November 2022, which was 21.47 percent.

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 percent, 0.35 percent higher than in October 2023 (1.73 percent).

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.

The NBS report also indicated that the Food inflation rate in November 2023 was 32.84 percent on a year-on-year basis, 8.72 percent points higher than the rate recorded in November 2022 (24.13 percent). 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.

Meanwhile, Newsone reports that this is not the first time Nigeria has experienced a high inflation figure of 28.2 percent. In August 2005, the country’s inflation stood at 28.2 percent.