Christmas: Prices Of Goods To Rise As Inflation Surges To 28.20%

The National Bureau of Statistics (NBS) has revealed that inflation rose to 28.20 per cent in November 2023 principally driven by the high cost of food and non-alcoholic beverages.

The Inflation increased by 0.87 points compared to the 27.33 per cent recorded on a month-on-month basis.

This showed that the inflation rose for the eleventh consecutive month in 2023.

The Bureau disclosed this on Friday in its Consumer Price Index Report for November 2023 obtained by THE WHISTLER.

On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent.

This means that in November 2023, the rate of increase in the average price level was more than the rate of increase in the average price level in October 2023.

Nigeria’s inflation rate is expected to hit 30 by the end of 2023, aligning with recent predictions by KPMG and Stears Business.