Nigeria’s Inflation Climbs to 28.20%: Highest in 2023

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Nigeria Inflation rate as at

Nigeria’s inflation rate surged to 28.20% in November, marking the eleventh consecutive rise this year, as reported by the National Bureau of Statistics (NBS).

This significant increase from October’s 27.33% indicates growing economic challenges for the country.

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Nigeria’s Inflation rate as at today

The November consumer price index report released by the NBS highlights a 0.87% jump in the headline inflation rate compared to the previous month. On a year-on-year basis, the inflation rate soared by 6.73% compared to November 2022, which stood at 21.47%.

This uptrend signifies a notable escalation in the average price level, with November 2023 experiencing a 2.09% month-on-month increase. This is 0.35% higher than the inflation rate recorded in October 2023, emphasizing the accelerated pace of rising prices.

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How to export food stuffs from Nigeria to Canada, Nigeria Inflation rate as at today

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The report also delves into food inflation, revealing a year-on-year rate of 32.84% in November 2023. This is an alarming 8.72% points higher than the same period in 2022 (24.13%). The surge in food prices can be attributed to spikes in the costs of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables, and Coffee, Tea, and Cocoa.

As Nigeria grapples with this economic challenge, policymakers face the urgent task of implementing measures to curb inflation and stabilize the economy. The continuous rise in inflation rates underscores the need for strategic interventions to address the root causes and mitigate the impact on ’s citizens.

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Stay tuned for more updates on latest News in Nigeria.

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