Nigeria’s inflation rate hits new record of 21.47% in November 2022

The inflation rate in Nigeria surged to 21.47% in November, rising from 21.09% in October, marking the tenth uninterrupted month of increase since the start of the year.

This information comes from the National Bureau of Statistics’ latest report on inflation.

Upon further examination of the report, it became evident that Nigeria’s inflation rate has reached its peak since September 2005, when it was 24.32%.

The NBS attributes the rise in the year-over-year inflation rate to ongoing currency devaluation and the overall escalation in production expenses, along with increased import costs.

Food inflation, one of the most monitored indicators, climbed to 24.13% in November 2022 from 23.72% in October 2022. The primary factors driving the rise in food inflation were increases in the prices of bread and cereals, oil and fats, potatoes, yams, other tubers, general food items, and fish.

The indices for “All items excluding farm produce,” known as “Core inflation,” which disregard the volatile prices of agricultural products, were up 18.24% year over year in November 2022. Compared to the 17.76% noted in October 2022, this signifies an increase of 48.52 basis points.