Costs Of Food, Gas, Fuel Push Inflation To 28.20%, Says NBS

Following the rise in the costs of food, fuel, energy, electricity, and others, the National Bureau of Statistics (NBS) on Friday, December 15, said the inflation rate rose from 27.33% in October 2023 to 28.20% in November 2023.

Accounting for the cause of the increase in inflation, the Bureau said food and non-alcoholic beverages costs rose to 14.61%.

It also noted that clothing and footwear increased by 4.72% and transport costs rose by 2.16%.

This was contained in its document tagged: “CPI and Inflation Report November 2023.”

The report said: “In November 2023, the headline inflation rate increased to 28.20% relative to October 2023 headline inflation rate which was 27.33%.”

NBS noted that looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to the October 2023 headline inflation rate. 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%.

The Bureau said 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).

NBS added that 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%).

According to the report, 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.

The report said in  November 2023, all Items inflation rate on a Year-on-Year basis was highest in Kogi (33.28%), Lagos (32.30%), Rivers (32.25%), while Borno (22.47%), Katsina (24.91%) and Plateau (25.53%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

NBS further noted that on a Month-on-Month basis, however, November 2023 recorded the highest increases in Kano (3.55%), Kebbi (3.34%), Borno (3.24%), while Taraba (0.74%), Anambra (1.00%) and Enugu (1.18%) recorded the slowest rise on Month-on-Month inflation.

On food inflation, NBS said “In November 2023, Food inflation on a Year-on-Year basis was highest in Kogi (41.29%), Kwara (40.72%) and Rivers (40.22%), while Bauchi (26.14%), Borno (27.34%) and Jigawa (27.63%) recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on

-Month basis, however, in November 2023 Food inflation was highest in Cross River (4.37%),

Edo (3.95%) and Rivers (3.91%), while Anambra (0.63%), Oyo (0.91%) and Bauchi (1.00%) recorded the slowest rise in inflation on Month-on-Month basis.”