Worse Inflation Rate: Nigerians Passing through Hardship to Feed – Bureau of Statistics

The National Bureau of Statistics has confirmed Nigerians’ worst fears over disappearing foods from their family tables.

This was just as the Bureau’s latest statistics showed that inflation is getting worse with a 32.84% inflation rate in food.

The NBS also said Nigeria’s inflation hiked further to 28.20 in November from the October figure of 27.33%. The report showed that the rise in food prices was caused by increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa.

The NBS said, “On a month-on-month basis, the food inflation rate in November 2023 was 2.42 per cent this was 0.51 per cent higher compared to the rate recorded in October 2023 (1.91 per cent).

“The average annual rate of Food inflation for the twelve-months ending November 2023 over the previous twelve-month average was 27.09 per cent, which was a 6.68 percentage points increase from the average annual rate of change recorded in November 2022 (20.41 per cent).”

In November, Nigeria’s inflation rate continued its climb to another record 18-year high. According to the country’s statistics body, headline inflation surged by 0.87 percentage points in November to a new record high in almost two decades.

It stated, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent.

Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.

“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 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).”

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