The rate of inflation in Nigeria increased to 21.47% in November from 21.09% in October, marking the tenth consecutive month of growth since the year’s beginning.
This is according to the National Bureau of Statistics’ most recent report on inflation.
When the report was examined more closely, it became clear that Nigeria’s inflation rate had reached its highest point since September 2005, when it was 24.32%.
The NBS claims that the persistent currency depreciation and general rise in production costs are to blame for the increase in the year-over-year inflation rate as well as the increase in import costs.
One of the most closely watched indices, food inflation, increased to 24.13% in November 2022 from 23.72% in October 2022. Price increases 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 “All items less farm produce” indices, also known as “Core inflation,” which do not include the volatile agricultural produce prices, were 18.24% higher year over year in November 2022. When compared to the 17.76% recorded in October 2022, this represents an increase of 48.52 basis points.
