Nigeria’s inflation rate increased to 21.47% in November 2022 from the 21.09% it recorded in October, OduNews reports.
The National Bureau of Statistics disclosed this in a report released on Thursday.
The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 21.47 per cent in November 2022 compared to the rate in November 2021.
According to the NBS, the increase in the year-on-year inflation rate can be attributed to increase in the cost of importation due to the persistent currency depreciation and a 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 the 17.76% recorded in October 2022.
