Nigeria’s Inflation Rate Hits New Record Of 21.47% In November 2022

Nigeria’s inflation has hit a new all time high.

 

Statistics released by the National Bureau of Statistics revealed that Nigeria's inflation jumped to 21.47% in November from 21.09% recorded in October.

 

Nairametrics revealed that this represents the 10th consecutive monthly increase since the start of the year.

 

The report further revealed that the latest update means that Nigeria’s inflation rate has now risen to its highest level since September 2005 when the rate stood at 24.32%.

 

According to the NBS, the increase in the year-on-year inflation rate can be attributed to increase in cost of importation due to the persistent currency depreciation and general increase in the cost of production.

 

Food inflation, a closely watched indices, rose to 24.13% in November 2022 from 23.72% recorded in the previous month. 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, fish.

 

The “All items less farm produce’’ indices or Core inflation, which excludes the prices of volatile agricultural produce, stood at 18.24% in November 2022 on a year-on-year basis. This is a 48.52 basis points increase when compared to 17.76% recorded in October 2022.