Nigeria’s National Bureau of Statistics says that the country’s inflation rate for November 2022 increased 20.47%, representing 6.07% points higher to the rate recorded in November 2021, which was 15.40%.The monthly report of the Consumer Price Index, which measures inflation, released on Thursday in Abuja showed that on a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%).
According to the report, in the month of November 2022, the general price level was 0.15% higher relative to October 2022, while the percentage change in the average CPI for the twelve months period ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to 16.98% recorded in November 2021.
It added that increases were recorded in all COICOP divisions that yielded the Headline index.
The NBS attributed the increase in the monthly inflation rate to the sharp increase in demand usually experienced during the festive season.
According to the NBS, increase in cost of importation due to the persistent currency depreciation and the general increase in the cost of production, especially the increase in energy cost contributed to the increase in inflation rate for the month of November.
On urban inflation, the NBS stated that the urban inflation rate was 22.09%, this was 6.17% higher compared to the 15.92% recorded in November 2021. On a month-on-month basis, the urban inflation rate was 1.50% in November 2022, this was 0.16% higher compared to October 2022 (1.33%).
It explained that the rural inflation rate in November 2022 was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021.
On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, up by 0.14% compared to October 2022 (1.16%).
The corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021.