This marks the eleventh consecutive increase in the country's headline inflation rate for the year 2023.
The inflation rate for November showed a rise of 0.87 per cent points compared to the headline inflation rate for October 2023. When viewed on a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which stood at 21.47 per cent.
This indicates that the headline inflation rate (on a year-on-year basis) experienced an increase in November 2023 compared to the same month in the previous year (i.e., November 2022). Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, marking a 0.35 per cent increase from October 2023 (1.73 per cent).
The implication of these figures is that the rate of increase in the average price level in November 2023 surpassed the rate of increase in the average price level in October 2023.
Additionally, the report highlighted that the Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, which is 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent). The rise in food inflation on a year-on-year basis was attributed to increases in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and coffee, tea and cocoa.