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Business News of Thursday, 15 December 2022


Nigeria inflation hit 21.47 percent, 5 states lead in food cost increase

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The National Bureau of Statistics (NBS), has revealed that Nigeria's inflation rate has climbed for the tenth time in a row to 21.47% in November 2022.

NBS stated this in its Consumer Price Index (CPI) report published on Thursday, December 14, 2022.

The November inflation figure is an increase from 21.09% increase recorded in October 2022.

This shows the general price level was 6.07% higher inflation figure of 15.4 percent in November 2021.

The Punch reports that on a month-on-month basis, the headline inflation rate in November 2022 was 1.39%.

Why Inflation increase

NBS in its report attributed the rise in prices to food supply disruptions, import cost hikes due to currency depreciation, and a rise in production costs as the reason for the inflation figure increase in November 2022.

Food inflation

A separate index on food showed inflation is at 24.13% in November, compared with 23.72% in October.

The food inflation rate in November 2022 is 6.92% higher compared to the rate recorded in November 2021 (17.21%).

NBS noted that the rise in food inflation was specifically caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Food products n.e.c, Fish.

States with the highest inflation rate

1. Ebonyi- 26.11%

2. Kogi -25.84%

3. Rivers - 24.45%

4. Bayelsa - 24.34%

5. Bauchi - 24.15%

6.Niger - 24.04%

States with the highest food inflation

1. Kwara - 29.74

2. Kogi - 29.51

3. Ebonyi - 28.25

4. Imo - 27.30

5. Ondo - 27.23

6. Bayelsa - 27.13