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HomeTop NewsNigeria's inflation climbs to 21.47% in Nov, its 10-month straight increase

Nigeria’s inflation climbs to 21.47% in Nov, its 10-month straight increase

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Annual inflation in Nigeria climbed to 21.47 percent in November from October’s rate of 21.09 percent, accelerating for the 10th straight month as food prices surged, the statistics bureau said on Thursday.

The National Bureau of Statistics (NBS) attributed the rise to a sharp increase in demand ahead of the Christmas season, import cost hikes due to the depreciation of the naira currency, and a rise in production costs.

A separate food price index showed inflation at 24.13 percent in November, compared with 23.72 percent in October, as Africa’s most populous nation continues to struggle with rising prices for staples.

“The rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, … and fish,” the NBS said in a report.

“In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 percent. This was 6.07 percent points higher compared to the rate recorded in November 2021, which was 15.40 percent.

This means that in the month of November 2022, the general price level was 6.07 percent higher relative to November 2021.

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“On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39 percent, this was 0.15 percent higher than the rate recorded in October 2022 (1.24 percent). This means that in the month of November 2022, the general price level was 0.15 percent higher relative to October 2022.

“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 percent, showing a 1.39 percent increase compared to 16.98 percent recorded in November 2021,” the NBS stated in its report.

Policymakers in Nigeria have said that persistent inflationary pressures are structural and largely imported.

The government expects inflation to remain in double digits, averaging 17.16 percent next year.

Virag Forizs, the emerging markets economist at Capital Economics, said November inflation data was stronger than expected, meaning prices could rise further. She added the central bank could hike rates at its next meeting in January.

High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for legislative and presidential elections in February, in which incumbent President Muhammadu Buhari will not take part due to term limits.

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