Nigeria’s inflation rate increased to 21.47% in November 2022

• The rate of inflation in Nigeria increased to 21.47% in November from 21.09% in October, marking the tenth straight month of growth since the year’s beginning.

According to the National Bureau of Statistics (NBS) most recent inflation data, which RNN has access to. When the report was examined more closely, it became clear that Nigeria’s inflation rate had reached its highest point since September 2005, when it was 24.32%.

The NBS claims that the continuing currency depreciation and the overall rise in production costs are to blame for the increase in the year-over-year inflation rate as well as the increase in import costs.

The NBS claims that the continuing currency depreciation and the overall rise in production costs are to blame for the increase in the year-over-year inflation rate as well as the increase in import costs.

One of the most carefully followed indicators, food inflation, increased to 24.13% in November 2022 from 23.72% in October 2022. The rise in food inflation was caused by rises in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food items, and seafood.

The “All items less farm produce” indices, often known as “Core inflation,” which do not include the unpredictable agricultural produce prices, were 18.24% higher year over year in November 2022.

When compared to the 17.76% reported in October 2022, this is an increase of 48.52 basis points.
Prices for gas, liquid fuel, air travel for passengers, car parts, and solid fuel saw the most rises in the core basket.

In November 2022, the urban inflation rate was 22.09% on an annual basis, up from 21.63% the month before and 15.92% in the same month of 2021.

The urban inflation index grew by 1.5% month over month. This is greater than the 1.12% reported in November 2021 and the 1.33% recorded in the preceding month.

READ MORE: BREAKING: Nigeria’s inflation rate hits 21.09% in October 2022

In comparison to the 20.57% recorded in October 2022 and the 14.89% recorded in November 2021, the rural inflation rate in November 2022 was 20.88% on an annual basis.

The rural inflation index climbed by 1.3% month over month. This is higher than both the 1.16% and 1.04% figures from the previous month and November 2021, respectively.

Ebonyi State had the highest headline inflation rate in November 2022 (26.11%), followed by Kogi and Rivers State (25.84% and 24.45%, respectively).

On the other hand, the headline Year-on-Year inflation rate increased most slowly in Sokoto (19.02%) and Cross River (19.17%). In November 2022, Kwara State topped the list for food inflation with a 29.74% rate, followed by Kogi State (29.51%) and Ebonyi (28.25%).

The slowest increases in food inflation from one year to the next were found in Kaduna (19.30%), Sokoto (19.48%), and Jigawa (20.55%).