The annual inflation rate rose for the 10th consecutive month to 21.47% in November, the highest in 17 years, from 21.09 per cent in October driven by yuletide induced increase in demand for goods and services, persistent naira depreciation and rise in cost of production.
Thus the annual (headline) inflation rate has risen by 5.87 percentage points in 10 months from 15.6 per cent in February.
The National Bureau of Statistics, NBS, disclosed this in its Consumer Price Index, CPI report for November.
The NBS said: “In November 2022, on a year–on- year basis, the headline inflation rate was 21.47%. This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%. This means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.
“On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%). This means that in the month of November 2022, the general price level was 0.15% 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%, showing a 1.39% increase compared to 16.98% recorded in November 2021. The Increases were recorded in all COICOP divisions that yielded the Headline index.”
