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.

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

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.”

Tajudeen Abbas

Economy

Speaker Abbas begs labour unions not to embark on strike

“We must, therefore, do everything within our powers to champion causes towards addressing the yearnings of our people,” he said.

Godswill Akpabio

NationWide

Akpabio calls for unity among senators to improve living conditions of Nigerians

“As it is through such discourse that we can achieve the best outcomes for all Nigerian citizens,’’ Mr Akpabio said.

Flood in Kwara Credit: Daily post

States

NEMA distributes relief materials to 18,904 households affected by flood in Anambra

The items distributed were sewing machines, grinding machines, water pump machines, cooking stoves, cooking pots, mattresses, mosquito nets, mats, soap, buckets, and blankets.

Sleeping President Bola Tinubu (Credit: Bola Tinubu)

NationWide

Tinubu vows to safeguard Nigeria from becoming illicit drug trafficking hub

The President also expressed Nigeria’s commitment towards ensuring a world not threatened by illicit drug abuse and trafficking.

Rev. Fr. Hyacinth Alia

States

Gov. Alia says Benue not dumping ground for criminals

Mr Alia said that banditry and terrorism would not be allowed to have a place in the state under his watch.

EFCC

States

80 suspected illegal miners in Kwara arrested in 10 months: EFCC

He added that the fight against corruption particularly illegal mining required the support of every individual for it to succeed.