Inflation Hits 21.47% in Yuletide Season

Nigeria’s inflation figure for the month of November has jumped to 21.47 percent.

The National Bureau of Statistics (NBS) made this known in a latest Consumer Price Index (CPI) released on Thursday afternoon.

According to NBS, this is because of an increase in demand due to the festive season, adding that this is a massive increase from 21.09 percent in the month of October.

Inflation rate is determined by the CPI which measures the rate of change in prices of goods and services over a period of time.

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

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“This means that in the month of November 2022, the general price level was 6.07 per cent higher relative to November 2021. On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39 per cent, this was 0.15 per cent higher than the rate recorded in October 2022 (1.24 per cent). This means that in the month of November 2022, the general price level was 0.15 per cent 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 per cent, showing a 1.39 per cent increase compared to 16.98 per cent recorded in November 2021.”

Commenting on the factors responsible for the monthly increase in the inflation rate, the NBS said, “The increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.”

Increased import costs caused by persistent currency devaluation and general increases in production costs caused the annual inflation rate to rise, according to the report.