Nigeria Inflation Rises for 10th Straight Month to 21.47 Percent in November, Bread, Rice Key Drivers
- The rate at which the prices of goods and services are increasing has reached a new high
- The latest data from the National Bureau of Statistics shows inflation figures are now at 21.7, increasing for 10 consecutive months
- While most Nigerians are feeling the pinch, inflation is worst in Ebonyi and Kogi states
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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.
Source: Facebook
This shows the general price level was 6.07% higher inflation figure of 15.4 percent in November 2021.
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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.
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States with the highest inflation rate
- Ebonyi- 26.11%
- Kogi -25.84%
- Rivers - 24.45%
- Bayelsa - 24.34%
- Bauchi - 24.15%
- Niger - 24.04%
States with the highest food inflation rate
- Kwara - 29.74
- Kogi - 29.51
- Ebonyi - 28.25
- Imo - 27.30
- Ondo - 27.23
- Bayelsa - 27.13
Police react to the discovery of rotten naira notes in Benue, name the real owner
Meanwhile, the Nigerian police force has responded to a social media video that went viral showing rotting Naira notes in Benue.
The viral video has sparked a lot of emotional outbursts among Nigerians with many fingers pointing at politicians.
Several discoveries of old, rotting notes have made their way into social media after CBN introduced new Naira notes
Source: Legit.ng
