Thursday, May 15, 2025

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.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Abubakar Kyari

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Russian delegation

World

Russian delegation arrives Istanbul ahead of Ukraine peace talks

Mr Medinsky, a presidential adviser and former culture minister, is considered a political lightweight in Moscow.

MTN

Abuja

MTN, CITN back tax reforms to boost national development

Mr Kadiri stated that MTN Nigeria in 2024 alone, contributed N48.6 billion in taxes, underlining the company’s commitment to fulfilling its obligations.

NATO Forces

World

Germany backs Trump’s 5% target for NATO defence spending

“We need to produce more all over NATO, and particularly when we look at Russia,” Mr Rutte said.

Association of Registrars of Nigerian Universities

Education

Registrars complain about poor global ranking of Nigerian universities

The Association of Registrars of Nigerian Universities has lamented the inability of the tertiary institutions to be among the best in the world in terms of global ranking.

Kratom (Mitragyna speciosa)

Uncategorized

How Much Does Kratom Cost? – A Complete Pricing Guide

Kratom prices vary significantly based on multiple factors, leaving consumers wondering how much they should expect to pay.