Nigeria’s Inflation Rate Hits 21.47%

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.47per cent on a year-on-year basis in November 2022.
Nigeria’s headline inflation rate stood at 21.09per cent on a year-on-year basis in October 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for November released, yesterday.
It stated that the figure is 6.07per cent points higher compared to 15.40per cent recorded in November 2021.
According to the report, factors responsible for the increase in annual inflation rate include an increase in the cost of importation due to the continual currency depreciation and a general increase in the cost of production due to a surge in energy cost.
The NBS said on a month-on-month basis, the headline inflation rate in November 2022 was 1.39per cent, which was 0.15per cent higher than the rate recorded in October 2022 at 1.24per cent.
It attributed the increase in the monthly inflation rate (month-on-month basis) to higher demand, usually experience during the festive season.
“The percentage change in the average CPI for the 12 months ending November 2022 over the average of the CPI for the previous 12 months period was 18.37per cent, showing a 1.39per cent increase compared to the 16.98per cent recorded in November 2021.
“The components that made up the food sub-index in November 2022 2022 was 24.13per cent on a year-on-year basis; which was 6.92per cent higher compared to the rate recorded in November 2021 (17.21per cent). The rise in the food sub-index was caused by the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products n.e.c, and fish.
“Whereas the month-on-month food inflation rate in November was 1.40per cent, this was 0.17per cent higher compared to the rate recorded in October 2022 (1.23per cent). The increase was attributed to an increase in prices of some food items like oil and fat, fruits, fish, and tubers,” the NBS added.
It noted that the average annual rate of food inflation for the twelve-month ending November 2022 was 20.41per cent, saying this was 0.21per cent points decline from the annual rate of change recorded in November 2021 (20.62per cent).
It stated that that core inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24per cent in November 2022 on a year-on-year basis; showing a rise of 4.39per cent when compared to 13.85per cent recorded in November 2021.
The NBS said on a month-on-month basis, the core inflation rate was 1.67per cent in November 2022, while the rate was 0.93per cent in October 2022.
“This shows a rise of 0.74per cent. The highest increases were recorded in prices of gas, liquid fuel, and passenger transport by air, vehicle spare parts, and solid fuel,” it noted.
According to the report, the percentage change in the average CPI for the 12 months ending November 2022 was 15.69per cent, which was 2.73per cent points higher than the previous 12 months period which recorded 12.96per cent in November 2021.
It stated that the urban consumers’ inflation rate for November 2022, on a year-on-year basis, stood at 22.09per cent, noting that this was 6.17per cent higher compared to the 15.92per cent recorded in November 2021.
The NBS disclosed that on a month-on-month basis, the urban inflation rate was 1.50per cent in November 2022, saying this was 0.16per cent higher compared to October 2022 (1.33per cent).
It said the corresponding 12-month average for the urban inflation rate was 18.90per cent in November 2022.
“This was 1.35percent higher compared to the 17.55per cent reported in November 2021,” it added.
The report noted that the inflation rate for rural consumers in November 2022 was 20.88per cent on a year-on-year basis, saying this was 5.99per cent higher compared to 14.89per cent recorded in November 2021.
“On a month-on-month basis, the rural inflation rate in November 2022 was 1.30percent, indicating a rise of 0.14per cent compared to October 2022 (1.16per cent).
“While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88per cent. This was 1.46per cent higher compared to the 16.42per cent recorded in November 2021.
“In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11per cent), Kogi (25.84per cent), Rivers (24.45per cent), while Kaduna (18.87per cent), Sokoto (19.02per cent) and Cross river (19.17per cent) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16per cent), Niger (2.70per cent), Plateau (2.44per cent), while Ogun (-0.17per cent), Abuja (-0.12per cent), and Sokoto (0.25per cent) recorded the slowest rise on month-on-month inflation,” the NBS added.