The National Bureau of Statistics has released its Consumer Price Index report for November 2023, which shows that the rate of inflation in Nigeria has increased by 0.87% points from October 2023.
Consequently, this means that prices of goods and services are continuing to rise, making it more difficult for people to afford basic necessities. The report notes that the inflation rate is being driven by a variety of factors, including high food prices, the depreciation of the naira, and the effects of the global economy. These factors are likely to continue to put pressure on prices and the cost of living in Nigeria.
In November 2023, the overall inflation rate in Nigeria increased to 28.20% compared to the previous month’s inflation rate of 27.33%. This represents an increase of 0.87% from the previous month.
Compared to November 2022, the inflation rate in November 2023 was 6.73% higher. This means that the overall cost of goods and services is increasing at a faster rate, and that inflation is having a significant impact on the economy. The report notes that the inflation rate is affected by various factors, including the exchange rate, food prices, and global economic conditions.
The November 2023 inflation report shows that the overall inflation rate, compared to the same month the previous year, has increased.
When looking at the rate of inflation month-over-month, the report shows that prices in November 2023 increased at a faster rate than prices in October 2023. This data indicates that inflation is continuing to rise and is having a significant impact on the economy, as prices for goods and services continue to increase. The report provides insight into how inflation is affecting the cost of living and economic activity in Nigeria.
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