Nigeria’s headline inflation rate rose to 28.20% in November from 27.33% in October 2023, the National Bureau of Statistics said in its November consumer price index report.

The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023. The November inflation rate showed an increase of 0.87 per cent points compared to the October 2023 headline inflation rate.

When compared to November 2022, the year-on-year headline inflation rate was notably higher, marking an increase of 6.73% points from the 21.47% recorded in the same month the previous year.

Additionally, on a month-on-month basis, the inflation rate for November 2023 was 2.09%, showing a 0.35% increase from the October 2023 rate of 1.73%. This implies that the rate of average price level increase in November 2023 exceeded that observed in October 2023.