The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 21.47 per cent on a year-on-year basis in November 2022.
Nigeria’s headline inflation rate stood at 21.09 per 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 on Thursday.
It stated that the figure is 6.07 per cent points higher compared to 15.40 per 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 1.39 per cent, which was 0.15 per cent higher than the rate recorded in October 2022 at 1.24 per 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 twelve months ending November 2022 over the average of the CPI for the previous twelve months period was 18.37 per cent, showing a 1.39 per cent increase compared to the 16.98 per cent recorded in November 2021.
“The components that made up the food sub-index in November 2022 2022 was 24.13 per cent on a year-on-year basis; which was 6.92 per cent higher compared to the rate recorded in November 2021 (17.21 per 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.
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“Whereas the month-on-month food inflation rate in November was 1.40 per cent, this was 0.17 per cent higher compared to the rate recorded in October 2022 (1.23 per 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 20.41 per cent, saying this was 0.21 per cent points decline from the annual rate of change recorded in November 2021 (20.62 per 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 18.24 per cent in November 2022 on a year-on-year basis; showing a rise of 4.39 per cent when compared to 13.85 per cent recorded in November 2021.
The NBS said on a month-on-month basis, the core inflation rate was 1.67 per cent in November 2022, while the rate was 0.93 per cent in October 2022.
“This shows a rise of 0.74 per cent. The highest increases were recorded in prices of gas, liquid fuel, 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 twelve months ending November 2022 was 15.69 per cent, which was 2.73 per cent points higher than the previous twelve months period which recorded 12.96 per cent in November 2021.
It stated that the urban consumers’ inflation rate for November 2022, on a year-on-year basis, stood at 22.09 per cent, noting that this was 6.17 per cent higher compared to the 15.92 per cent recorded in November 2021.
The NBS disclosed that on a month-on-month basis, the urban inflation rate was 1.50 per cent in November 2022, saying this was 0.16 per cent higher compared to October 2022 (1.33 per cent).
It said the corresponding twelve-month average for the urban inflation rate was 18.90 per cent in November 2022.
“This was 1.35% higher compared to the 17.55 per cent reported in November 2021,” it added.
The report noted that the inflation rate for rural consumers in November 2022 was 20.88 per cent on a year-on-year basis, saying this was 5.99 per cent higher compared to 14.89 per cent recorded in November 2021.
“On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, indicating a rise of 0.14 per cent compared to October 2022 (1.16 per cent).
“While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88 per cent. This was 1.46 per cent higher compared to the 16.42 per 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 (26.11 per cent), Kogi (25.84 per cent), Rivers (24.45 per cent), while Kaduna (18.87 per cent), Sokoto (19.02 per cent) and Cross river (19.17 per cent) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16 per cent), Niger (2.70 per cent), Plateau (2.44 per cent), while Ogun (-0.17 per cent), Abuja (-0.12 per cent), and Sokoto (0.25 per cent) recorded the slowest rise on month-on-month inflation,” the NBS added.
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