NewsNigeria’s Inflation Rate Hits 21.47% In November

Nigeria’s Inflation Rate Hits 21.47% In November

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December 15, (THEWILL) – Nigeria’s inflation rate increased to 21.47% in November 2022, from the 21.09% it recorded in October, the National Bureau of Statistics, reported on Thursday.

This is a 6.07 percent increase compared to November 2021’s 15.40 percent.

According to the Bureau, the rise in inflation may not be unconnected to the increase in the cost of importation due to the persistent currency depreciation and general increase in the cost of production

“In November 2022, on a year–on–year basis, the headline inflation rate was 21.47%. This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%. This means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.

“On a month-on-month basis, the Headline inflation rate in November 2022, was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%). This means that in the month of November 2022, the general price level was 0.15% higher relative to October 2022.

“The percentage change in the average CPI for the twelve months period ending November 2022, over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to 16.98% recorded in November 2021. The Increases were recorded in all COICOP divisions that yielded the Headline index,” the NBS reported.

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.

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.

“In the month of November 2022, the urban inflation rate was 22.09%, this was 6.17% higher compared to the 15.92% recorded in November 2021.

“On a month-on-month basis, the urban inflation rate was 1.50% in November 2022, this was 0.16% higher compared to October 2022 (1.33%). The corresponding twelve-month average for the urban inflation rate was 18.90% in November 2022. This was 1.35% higher compared to the 17.55% reported in November 2021.

“The rural inflation rate in November 2022, was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021. On a month-on-month basis, the rural inflation rate in November 2022, was 1.30%, up by 0.14% compared to October 2022 (1.16%). The corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021,” the report stated.

High prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts and Solid fuel recorded the highest increases. As a result, compared to the previous month, the core index grew by 74bps to 1.67% m/m in November 2022 from 0.93% a month earlier.

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