On a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%). This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

According to the report, the food inflation rate in October 2023 accelerated to 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%).

The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

On a month-on-month basis, the food inflation rate in November 2023 was 2.42% this was 0.51% higher compared to the rate recorded in October 2023 (1.91%).

Food prices have been steadily increasing in Nigeria in recent years, and the situation worsened due to the impact of government policies, including the removal of subsidies on petrol.