Nigeria recorded high rate of inflation in November when compared to the previous month, latest statistics have shown.
According to the National Bureau of Statistics and country’s headline inflation rate for the month under review soared to 28.20 per cent relative to October headline inflation rate of 27.33 per cent.
This shows an increase of 0.87 per cent when compared to the 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 a month-on-month basis, the headline inflation rate in November was 2.09 per cent, which is 0.35 per cent higher than the rate recorded in October 1.73 per cent
The inflation rate in Nigeria averaged 13.23 per cent from 1996 until 2023, reaching an all-time high of 47.56 per cent in January 1996 and record low of -2.49 per cent in January of 2000.
