Nigeria’s inflation hits 21.47%, highest in 17 years

Nigeria’s headline inflation quickened its pace further, rising to a new high of 21.47 percent in November 2022 from 21.09 percent in October 2022 according to the National Bureau of Statistics (NBS).

This is a 6.07 percent increase compared to November 2021’s 15.40 percent. This means that in the month of November 2022, the general price level was 6.07 percent higher relative to November 2021. This is the highest peak in at least 17 years.

NBS stated that the reason for the increase year on year is increase in cost of importation due to the persistent currency depreciation and general increase in the cost of production e.g increase in energy cost.

The 0.15 percent increase recorded month on month was attributed to the sharp increase in demand usually experience during the festive season.

The food inflation rate also increased to 24.13 percent on a year-on-year basis, a 6.92 percent higher compared to 17.21 percent recorded in November 2021.

The rise in food inflation was caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Food products n.e.c, and Fish the report said.

Read also: CBN’s next rate decision seen hanging on food inflation

The “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 18.24 percent in November 2022 up by 4.39 percent when compared to 13.85 percent recorded in November 2021.

On a year-on-year basis, in the month of November 2022, the urban inflation rate was 22.09 percent, this was 6.17 percent higher compared to the 15.92% recorded in November 2021, while the rural inflation rate in November 2022 was 20.88 percent on a year-on-year basis; this was 5.99 percent higher compared to 14.89 percent recorded in November 2021.

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