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Nigeria Inflation November 2023

Nigeria: Inflation rises in November

Inflation rose to 28.2% in November, following October’s 27.3%. November’s figure represented the highest inflation rate since August 2005. The reading was largely due to rising prices for food. Moreover, prices for housing and clothing increased at faster rates.

Annual average inflation rose to 24.0% in November (October: 23.4%). Meanwhile, core inflation fell to 22.6% in November, from the previous month’s 22.7%.

Finally, consumer prices increased 2.09% over the previous month in November, accelerating from the 1.73% rise seen in October.

Analysts at the EIU commented on the outlook:

“Inflation will continue to rise in early 2024, as a result of market reforms made in June 2023 and ongoing currency volatility on the black market, which handles a sizeable share of currency trade. However, by about mid-year base effects should kick in, and, in the absence of further rises to petrol prices or devaluations, inflation will moderate from an estimated 28.7% at end-2023 to an average of 23.6% in 2024.”

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