Nigeria’s headline inflation has reached a 20-year high, standing at 28.2% in November, according to the National Bureau of Statistics (NBS). This figure is the highest recorded since data collection began in 2023.
The rise is attributed to increases in the prices of various goods, including bread, cereals, oil and fat, potatoes, yams, fish, fruit, meat, vegetables, coffee, tea, and cocoa.
Food inflation also increased to 32.84% on a year-on-year basis.
The country’s economic challenges, including inflation and rising food prices, are contributing to the overall economic strain on citizens.
