In a concerning economic update, Nigeria witnessed a substantial surge in its headline inflation rate, reaching 28.20% in November 2023.


This figure marked a noticeable uptick from the preceding month's rate of 27.33%, as revealed by the National Bureau of Statistics (NBS) in its Consumer Price Index report published on Friday.


The NBS highlighted that the November 2023 headline inflation rate displayed a significant increase of 0.87% points compared to October 2023.


Examining the year-on-year basis, the inflation rate was a staggering 6.73% points higher than that recorded in November 2022, which stood at 21.47%.


This shift underscored a palpable escalation in the inflationary trend, indicating a challenging economic landscape.


"This reveals that the headline inflation rate, on a year-on-year basis, witnessed a noteworthy surge in November 2023 when compared to the same month in the preceding year (i.e., November 2022)," stated the NBS.

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