Breaking: Again, Nigeria’s inflation rate rises to 28.20%

Nigeria’s headline inflation rate for November soared up to 28.20 percent relative to October headline inflation rate of 27.33 percent.

Persecond News reports that looking at the movement, the November headline inflation rate showed an increase of 0.87 percent when compared to October inflation rate.

According to a statement released by the National Bureau of Statistics (NBS) on Friday on a year-on-year basis, the headline inflation rate was 6.73 percent points higher compared to the rate recorded in November 2022, which was 21.47 percent.

Furthermore on the month-on-month basis, the headline inflation rate in November was 2.09 percent which is 0.35 percent higher that rate recorded in October 1.73 percent

This means that in November, the rate of increase in the average price level is more than the rate of increase in average price level in October.

The inflation rate in Nigeria averaged 13.23 percent from 1996 until 2023, reaching an all-time high of 47.56 percent in January 1996 and record low of -2.49 percent in January of 2000.