Nigeria’s headline inflation rate rose to 28.20% in November from 27.33% in October, according to a recent report released by the National Bureau of Statistics (NBS) on Friday.

The bureau said the November 2023 headline inflation rate showed an increase of 0.87 percentage points in the November 2023 headline inflation rate compared to October 2023.

On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.

On a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%). This means 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.

Source: Business Insider