Nigeria’s Inflation Rate Accelerates to 21.47%
The consumer price index which measures the headline inflation rate in Nigeria accelerated for the 10th straight month to 21.47% in November from 21.09% in October, according to data from the National Bureau of Statics.
This translates to a 38 basis points increase when compared with October’s inflation reading in the country amidst severe security risk that has impacted food prices.
In the report released today, NBS attributed the rise in prices to food supply disruptions, import cost hikes due to currency depreciation and a rise in production costs.
Nigeria’s food price index showed inflation at 24.13% in November, compared with 23.72% in October amidst rising prices for staples like rice and bread. >>>U.S Inflation Accelerates Near 40-Year High
On a month-on-month basis, headline inflation increased by 15b basis points to 1.39% versus 1.24% in October, according to the statistics office. The rise in food inflation was caused by increased prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Food products, and Fish.
On a month-on-month basis, food inflation settled at 1.40%, relative to the 1.23% m/m recorded in October. Similarly, the core inflation increased by 48bps to 18.24% as against 17.76% in October – its highest reading since November 2016 when it settled at 18.24%.
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. # Nigeria’s Inflation Rate Accelerates to 21.47%
