Nigeria’s Inflation Jumps to 21.47% in November 2022

By Adedapo Adesanya

The average prices of goods and services in Nigeria continued their monthly increase as inflation rose to 21.47 per cent in November from 21.09 per cent recorded in October.

This is according to the latest inflation report by the National Bureau of Statistics (NBS), indicating the 10th consecutively monthly increase since the start of the year.

In line with the report, Nigeria’s inflation rate has now risen to its highest level since September 2005, when the rate stood at 24.32 per cent.

According to the statistics office, the increase in the year-on-year inflation rate can be attributed to an 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 index, rose to 24.13 per cent in November 2022 from 23.72 per cent 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, and fish. This is expected amid headwinds faced by the impact of flooding, which hit more than 30 states in the federation, as well as the ripple effect of global shocks on the supply chain.

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