Detty December: Nigeria’s inflation rate on track for its worst level in over 27 years

The National Bureau of Statistics (NBS) released Nigeria’s monthly Consumer Price Index (CPI) report for Nigeria last week Friday, revealing a headline inflation rate of 28.2% for November 2023.

This according to the Bureau, represents the eleventh consecutive month of increase so far in the year and the highest level since July 2005 (over 18 years).

Year-to-date, Nigeria’s inflation rate has increased by 7.21% points, the fastest pace recorded since the economic recession in 2016.