Nigeria’s Inflation Hits 21.47% As Food Prices Soars

The National Bureau of Statistics has said the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased to 21.47 per cent year on year in November.

Naija News reports that this is compared to 15.40 per cent in the corresponding month of 2021.

In a statement on Thursday, the NBS explained that the 6.07 per cent increase in the headline index implies that the general price level was higher in the review month relative to November 2021.

According to the CPI report for November, month-on-month, however, the Headline inflation rate in was 1.39 per cent, which was 0.15 per cent higher than the 1.24 per cent recorded in October.

Food inflation increased to 24.13 per cent year-on-year which was 6.92 per cent higher than the 17.21 per cent recorded in November 2021.

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, and fish.

However, month-on-month, the food inflation was 1.40 per cent, which was 0.17 per cent higher than the 1.23 per cent recorded in October. This was further attributed to an increase in prices of some food items including oil and fat, fruits, fish, and tubers.