Tuesday, September 26, 2023

Nigeria inflation rises for 10th consecutive month, hits 21.47 percent in November

The most recent development suggests that Nigeria’s inflation rate has reached its highest point since September 2005, when it was 24.32 per cent.

• December 15, 2022
Inflation in Nigeria
Inflation in Nigeria

Nigeria’s inflation increased for the tenth consecutive month from 21.09 per cent in October to 21.47 per cent in November, according to the latest Consumer Price Index report by the National Bureau of Statistics (NBS).

On a year on year basis, inflation rose 6.07 percent compared to the 15.40 per cent recorded in November 2021.

The most recent development suggests that Nigeria’s inflation rate has reached its highest point since September 2005, when it was 24.32 per cent.

The persistent currency depreciation and general increase in production costs, according to the NBS, are to blame for the rise in the year-over-year inflation rate.

According to the report, food inflation increased from the previous month’s 23.72 per cent to 24.13 per cent in November 2022. Rising prices for bread and cereals, oil and fat, potatoes, yams, and other tubers, food items, and fish were the main contributors to the rise in food inflation.

The core inflation rate, which does not include the volatile prices of agricultural produce, was 18.24% in November 2022 on an annualised basis. This is an increase of 48.52 basis points from the 17.76% seen in October 2022.

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