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Inflation Increase

Inflation Hits 21.7%—NBS

Nigeria’s inflation has hit another record as prices rose to 24.47 per cent in November.

This is according to the Consumer Price Index report for November released by the National Bureau of Statistics on Thursday.

The rise represents an increase compared to the 21.09 per cent recorded in October and 15.40 recorded in November 2021.

Food prices worsened to 24.13 per cent against 23.72 per cent in November driven by prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products and fish.

The NBS said “Headline Inflation for November 2022 was 21.47%, from 21.09% in October 2022. Food Inflation was 24.13% in November 2022, from 23.72% in October 2022. Urban Inflation was 22.09%. Rural Inflation was 20.88%.”

Urban inflation rose rose 22.09 per cent from 15.92 per cent in November 2021.

Rural inflation was 20.88 per cent in November 2022, up from the 14.89 per cent recorded ion November last year.

By states, Kwara, Kogi and Ebonyi recorded the highest rise in food prices of 29.74 per cent, 29.51 per cent and 28.25 per cent respectively.

Kaduna, Sokoto and Jigawa States had the lowest food prices of 19.3 per cent, 19.48 per cent and 20.55 per cent respectively.

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