Nigeria’s inflation rate jumped in November to 28.2 per cent, the National Bureau of Statistics, NBS, said last Friday. The latest rate is a 0.61 per cent rise from October’s 27.33 per cent.
The consumer price index, a main gauge of inflation, soared about 6.73 per cent points, compared to the 21.47 per cent recorded in November 2022, NBS said.
Rises in the price of goods caused by President Bola Tinubu’s economic reforms, including scrapping the fuel subsidy pushed food inflation to 2.42 per cent from the 1.91 per cent recorded in October.
On a year-on-year basis, the food inflation rate is 32.84 per cent, 8.72 per cent higher compared to the 24.13 per cent recorded in November 2022.
The soaring inflation rate on a year-on-year basis and month-on-month basis was attributable to “increases in items in the basket of goods and services at the divisional level,” the NBS said, noting that increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, clothing and footwear, and transport.
There were also increases in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication, it said.
The inflation was highest in Kano (3.55 per cent), followed by Kebbi (3.34 per cent) and Borno at (3.24 per cent); and lowest in Taraba (0.74 per cent), Anambra at (1.00 per cent), and Enugu (1.18 per cent).
For food inflation, southern regions of Cross River, Edo and Rivers States recorded the highest rates with 4.37 per cent, 3.95 per cent and 3.91 per cent respectively.
It was lowest in southeast Anambra State (0.63 per cent), southwest Oyo State (0.91 per cent) and northeast Bauchi State (1.00 per cent).
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