The National Bureau of Statistics, NBS, has reported that the inflation rate increased from 27.33% in October 2023 to 28.20% in November 2023.
This was in a document titled “CPI and Inflation Report November 2023.”
“the headline inflation rate increased to 28.20% in November 2023, compared to the headline inflation rate of 27.33% in October 2023.”the report stated
NBS reported that comparing the October 2023 headline inflation rate to the November 2023 headline inflation rate, the movement indicated an increase of 0.87% points. Compared to November 2022, when the rate was 21.47%, the headline inflation rate increased by 6.73% points year over year.
The Bureau said this shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).
NBS noted that, the headline inflation rate in November 2023 was 2.09% on a month-over-month basis, which was 0.35% higher than the rate that was recorded in October 2023 (1.73%).
This indicates that, in November 2023, the average price level is increasing at a faster rate than it was in October 2023, according to the research.
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