By Onome Amuge
Nigeria’s inflation rate rose for the tenth consecutive month in 2022 to a new high of 21.47 per cent in November, recording a 0.32 percentage points surge against 20.77 percent recorded in the previous month of September 2022, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) .
The report, which measures the rate of changes in prices of goods and services, showed that the inflation figure has now risen to its highest level since September 2005 when the rate was recorded at 24.32 per cent.
The sharp rise in the prices of goods and services was attributed to the increase in the cost of importation due to the lingering currency depreciation and general increase in the cost of production.
The report further showed that the urban inflation rate jumped to 22.09 per cent in the month under review against 21.63 percent recorded in October, while the rural inflation rate hit 20.88 per cent in contrast to 20.57 percent recorded in the previous month..
The national statistics agency noted that the food inflation rate climbed to 24.13 per cent from 23.72 per cent recorded in October 2022. The acceleration in the month-on-month food inflation was attributed to increases in prices of bread and cereals, food products, fish,potatoes, yams and other tubers,oils and fats.
Meanwhile, the ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 17.76 percent in November 2022,48.52 basic points above 17.6 percent recorded in the previous month.
Notably, the highest increases were recorded in prices of gas, liquid fuel, solid fuel, and vehicle spare parts.
