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General News of Thursday, 15 December 2022

Source: www.nairametrics.com

Nigeria’s inflation rate hits new record of 21.47% in November 2022

Market Market

Nigeria’s inflation rose to 21.47% in November from 21.09% recorded in October, representing the 10th consecutively monthly increase since the start of the year.

This is according to the latest inflation report by the National Bureau of Statistics (NBS) seen by Nairametrics.

A closer look at the report showed that Nigeria’s inflation rate has now risen to its highest level since September 2005 when the rate stood at 24.32%.

According to the NBS, the increase in the year-on-year inflation rate can be attributed to increase in cost of importation due to the persistent currency depreciation and general increase in the cost of production.

Food inflation, a closely watched indices, rose to 24.13% in November 2022 from 23.72% recorded in the previous month. The rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products, fish.

The “All items less farm produce’’ indices or Core inflation, which excludes the prices of volatile agricultural produce, stood at 18.24% in November 2022 on a year-on-year basis. This is a 48.52 basis points increase when compared to 17.76% recorded in October 2022.