Tough Christmas ahead as inflation hits 28.20%, prices of rice, yam, bread, others worse off

The overall inflation for November 2023 rose to 28.20%, exceeding October figures of 27.33% and showing a monthly rise of 0.87%.

Compared to the same month in 2022, the yearly headline inflation rate was higher, marking a rise of 6.7% from the 21.47% recorded in the same month the year before.

Food inflation hits an all-time high

Also, every month, the inflation rate for November 2023 was about 2.09%, showing a 0.35% rise from the October figure of 1.73%.

The development signifies that the rate of average price level increase in November 2023 surpassed the one seen in October 2023.

For November, food inflation stood at 32.8%, an increase of 8.72 percentage points from the November rate of 24.13%

Higher prices in bread and cereals, oil and fat, potatoes, yam tubers, fruit, fish, and vegetables drive food inflation.

According to reports, core inflation, apart from volatile agricultural products and energy prices, reached 22.38% in November 2023.

The rise shows an increase of 4.39% compared to the November 2022 figure of 17.99%.

The core inflation rate for November for this year every month stood at 1.55%, indicating an increase from the October 2023 rate of 1.39%, with a rise of 14%.

Urban and rural inflation rise

The urban inflation rate for November 20235 reached about 30.21%, an increase of 8.15% from the November 2022 rate of 22.09%.

Every month, the urban inflation rate for November 2023 stood at 2.23%, showing a 0.41% rise compared to the October figure of 1.81%.

The rural inflation rate for November stood at 26.43%, showing a rise of 5.55 percentage points from the November 2022 rate of 20.88%.

Every month, the rural inflation rate for this year stood at 1.99%, indicating an increase of o.31 percentage points compared to the October 2023 rate of 1.63%.

Chiemezie Iheme, a social commentator blamed Nigeria's import-dependent tendencies for the rise in the price of items.

He said Nigeria needs to rise quickly to tame the monster of food inflation.

"If you look at the current rate, food inflation has increased by more than 33% month-month, meaning that the arrowhead for inflation in Nigeria is always food.

"We need to focus on food production for local consumption before thinking of export. Food inflation is choking house incomes and driving Nigerians deeper into poverty," he said.