The country's growing cost of living crisis was highlighted by the sharp increase in inflation, which rose from 27.33 percent in September to 28.20 percent in October.
The National Bureau of Statistics said on Friday that headline inflation in November reached a new record high in over two decades, jumping by 0.87 percentage points. This information was included in its new "Consumer Price Index: November 2023."
It said, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent.
“Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.
"On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).”
In November 2023, headline inflation on a month-to-month basis was 2.09 percent. This defeats the Central Bank of Nigeria's recent assertion that monthly inflation is decreasing down by 0.35 percentage points. It was 1.73 percent in October.
Isa AbdulMumin, the Director of the Corporate Communications Department at the erstwhile Apex Bank, recently stated, “Available statistics showed that the first indication of deceleration in prices was recorded in September.
The notable decline in month-over-month changes in October suggests that additional money market reforms, which started in October, have expedited the easing of prices.
“Moderation in month-on-month changes in prices observed in the headline, food, and core components of the consumer basket followed reforms in the money market and relative stability in the FX market.”
Nigeria's inflation rate is now expected to end 2023 at roughly 30%, in line with recent forecasts from Stears Business and KPMG.