Annual inflation rate in Nigeria jumped for the 10th consecutive month to 21.47% in November from 21.09% in October, the National Bureau of Statistics (NBS), revealed in its latest Consumer Price Index (CPI) report released yesterday.
The Bureau said the rate was 6.07% higher compared to the rate recorded in November 2021, at 15.40%.
“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%),” the report added.
NBS attributed the rise to “The increase in the monthly inflation rate can be attributed to the sharp increase in demand,” as well as “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,” during the year.
Also, food price index continued to accelerate, with inflation climbing to 24.13% in November year-on-year, compared with 23.72% in October.
“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, Fish.
“On a month-on-month basis, the food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%). This increase was attributed to an increase in prices of some food items like Oil and fat, Fruits, Fish, and Tubers,” the report said.
“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,” it added.
The increase in the monthly inflation rate can be attributed to the sharp increase in demand… 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 during the year.
The highest increases in the core basket were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts, and Solid fuel.
Also, the report said: “On a year-on-year basis, 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%).”
Likewise, “The rural inflation rate in November 2022 was 20.88% on a year-on-year basis; compared to 20.57% recorded in October 2022 and 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%).”
Nationwide, headline inflation was highest in Ebonyi State at 26.11% in November 2022, followed by Kogi 25.84% and Rivers State with 24.45% respectively.
On the other hand, the rate of rise was slowest in Sokoto (19.02%) and Cross River (19.17%).
In terms of food inflation, Kwara State led the pack with 29.74%, Kogi State 29.51%, and Ebonyi 28.25%, while Kaduna (19.30%), Sokoto (19.48%) and Jigawa (20.55%) recorded the slowest rise in year-on-year.
