The rate of food inflation in Nigeria rose from 31.51% in October to 32.84% in November.
In the Consumer Price Index report for November, the National Bureau of Statistics (NBS) revealed this on Friday.
Comparing the number year over year, it is 8.72% higher than the rate of 24.13 percent that was reported in November 2022.
According to the study, the rate of food inflation in November 2023 was 2.42 percent, which was 0.51 percent higher than the rate of 1.91 percent in October 2023.
The NBS states that price rises for bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, coffee, tea, and cocoa are to blame for the rise in food inflation year over year.
In comparison to the preceding twelve-month average, the average annual rate of food inflation for the twelve months ending in November 2023 was 27.09 percent. This is a 6.68 percent point increase from the average annual rate of change recorded in November 2022 (20.41 percent).
This event coincides with Nigerians’ ongoing complaints over the country’s growing cost of goods and services.
