(Source: Pius Utomi Ekopei/AFP/Getty Images)

Nigeria’s inflation climbed to 28.20% in November, up from 27.33% in October.

New data from the National Bureau of Statistics shows consumer prices rose 0.87 percentage points last month to reach the highest level in nearly two decades. Compared to November 2022, inflation was a staggering 6.73 percentage points higher.

On a monthly basis, inflation accelerated to 2.09% in November, 0.35 points above October’s 1.73% rate. This challenges recent claims by monetary authorities that price growth was beginning to slow on a month-to-month basis.

With just one month left in 2023, inflation looks poised to end the year around 30% – in line with forecasts from major economic research firms.