The latest report by the National Bureau of Statistics (NBS) showed that the nation’s inflation rate increased by 0.87 percent when compared to the October 2023 headline inflation rate.
NBS said, the headline inflation rate increased to 28.20% in November 2023 relative to October 2023 headline inflation rate which was 27.33%.
The Bureau said, “looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87% points when compared to the October 2023 headline inflation rate”.
It said, on a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
“This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).
“Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%).
“This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023”, the Bureau said.
