Nigeria’s inflation hits record 28.2% in November as cost of food, transportation, telecommunication skyrocket

Prices of food, fuel, transportation and telecommunication increased to new record levels as Nigeria’s inflation rate passed 28 percent in November. This rising inflation has taken a heavy toll on the socio-economic activities of the nation despite the ongoing transformation by the new president, Bola Ahmed Tinubu…

Nigeria’s headline inflation rate jumped to 28.2 per cent in November, showing a 0.87 per cent points increase over the 27.33 per cent recorded in October, the National Bureau of Statistics (NBS) said.

Its Consumer Price Index (CPI) and Inflation Report for November, released in Abuja on Friday, explained that the November 2023 rate was 6.73 per cent higher than in November 2022.

It added that the increase in the headline index for November 2023 on a year-on-year basis and month-on-month basis was attributable to increases in items in the basket of goods and services at the divisional level.

Increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, other fuels, clothing and footwear, and transport.

There were also increases in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, tobacco and kola, recreation and culture, and communication, it stated.

The price of food also jumped to new varying prices as the West African country struggles with its tough economic realities.

President Bola Ahmed Tinubu has commenced a daring reform in Africa’s most populous nation by ending the costly subsidy on petrol and foreign exchange controls.

Despite the gradual reforms, the country’s inflation stood at its record level for more than five, causing concerns for many citizens.