BY ADOLPHUS DURU
Nigeria’s inflation rate which began its upward trajectory has berthed at 21.47 per cent in November, 2022 as against October rate of 21.09 per cent.
In a statement obtained from the website of National Bureau of Statistics (NBS), the high food inflation rate in November 2022 was 24.13 per cent on a year-on-year basis adding that the increases were caused by prices of bread and cereals, oil and fat, potatoes, yam and other tubers.
“On a month-on-month basis, the food inflation rate in November was 1.40 per cent. This was 0.17 per cent higher compared to the rate recorded in October 2022 (1.23 per cent). This increase was attributed to an increase in prices of some food items like oil and fat, fruits, fish, and tubers.
“The average annual rate of food inflation for the twelve-month period ending November 2022 over the previous twelve-month average was 20.41 per cent, which was 0.21 per cent points lower from the average annual rate of change recorded in November 2021 (20.62 per cent)” NBS said.
Meanwhile, the urban inflation rate was 22.09 per cent. This was 6.17 per cent higher compared to the 15.92 per cent recorded in November 2021. On a month-on-month basis, the urban inflation rate was 1.50 per cent in November 2022. This was 0.16 per cent higher compared to October 2022 (1.33 per cent). The corresponding twelve-month average for the urban inflation rate was 18.90 per cent in November 2022. This was 1.35 per cent higher compared to the 17.55 per cent reported in November 2021.
Similarly, the rural inflation rate in November 2022 was 20.88 per cent on a year-on-year basis. This was 5.99 per cent higher compared to 14.89 per cent recorded in November 2021. “On a month-on-month basis, the rural inflation rate in November 2022 was 1.30 per cent, up by 0.14 per cent compared to October 2022 (1.16 per cent). The corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88 per cent. This was 1.46 per cent higher compared to the 16.42 per cent recorded in November 2021” the statement, explained further.
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