Nigeria’s inflationary pressures reached a concerning peak of 28.20% in November, marking a substantial increase from October’s 27.33%, according to the latest ‘Consumer Price Index: November 2023’ released by the National Bureau of Statistics (NBS).
The report reveals a 0.87 percentage point surge in headline inflation, underscoring the deepening cost of living crisis in the country. On a year-on-year basis, November 2023’s inflation rate was 6.73 percentage points higher compared to the same month in 2022, soaring from 21.47% to 28.20%.
The month-on-month inflation for November 2023 stood at 2.09%, a notable 0.35 percentage points higher than October’s 1.73%. This contradicts recent assertions by the Central Bank of Nigeria, which claimed a slowdown in month-on-month inflation.
Isa AbdulMumin, the former apex bank’s Director of the Corporate Communications Department, previously suggested that reforms in the money market and stability in the foreign exchange market were contributing to easing inflation. However, the latest data challenges this narrative.
Analysts now predict that Nigeria’s inflation rate is on track to close 2023 at around 30%, aligning with forecasts from industry experts such as KPMG and Stears Business.
The escalating inflationary trend raises concerns about its impact on the cost of living, economic stability, and policymaking in the coming months.