The total rate of inflation increased to 28.20% in November 2023, above the rate of 27.33% in October 2023. This suggests a rise of 0.87% from month to month.
The headline inflation rate for November 2022 was significantly greater than it was for the same month the previous year, rising by 6.73% points from 21.47%.
Furthermore, the inflation rate for November 2023 was 2.09% on a month-over-month basis, indicating a 0.35% increase from the rate of 1.73% for October 2023. This suggests that in November 2023, the average rate of price level increase was higher than in October 2023.
In November 2023, the Food inflation rate increased by 8.72% points from 24.13% in November 2022 to 32.84% in November 2023.
Bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, coffee, tea, and cocoa were among the categories with the highest price increases that contributed to the surge in food inflation.
The food inflation rate increased by 0.51% from October 2023’s rate of 1.91% to 2.42% in November 2023 on a month-over-month basis.
The rise in the average prices of Bread and Cereals, Oil and Fat, Meat, Coffee, Tea, and Cocoa, Potatoes, Yam, and Other Tubers was the reason for the monthly increase in Food inflation.
In November 2023, the urban inflation rate increased by 8.13% points year over year to 30.21% from 22.09% in the same month the previous year. The Urban inflation rate for November 2023 was 2.23% on a month-over-month basis, which was 0.41% higher than the rate of 1.81% for October 2023.
November’s rural inflation rate, year over year, was 26.43%, up 5.55% points from November 2022’s rate of 20.88%. The rural inflation rate for November 2023 was 1.99% on a month-over-month basis, which was 0.31% points higher than the rate of 1.67% for October 2023.
