According to information from the National Bureau of Statistics (NBS), the consumer price index, which is used to calculate Nigeria’s headline inflation rate, increased for the tenth consecutive month, rising to 21.47% in November from 21.09% in October.
With a significant security risk that has affected food costs, this amounts to a 38 basis point rise in inflation when compared to the nation’s inflation data from October.
According to the report NBS issued today, the increase in prices was caused by interruptions in the food supply, higher import costs owing to currency devaluation, and an increase in manufacturing expenses.
In November, Nigeria’s food price index showed inflation at 24.13%, up from 23.72% in October, as the cost of basic foods like bread and rice increased.
According to the statistics office, headline inflation climbed month over month by 15 basis points to 1.39% from 1.24% in October. Increased costs of bread and cereals, oil and fat, potatoes, yams and other tubers, food items, and fish were the main contributors to the rise in food inflation.
In comparison to the 1.23% m/m reported in October, food inflation for the month of November came to 1.40% m/m. Similar to this, core inflation rose by 48bps to 18.24% from 17.76% in October, marking its highest level since it reached 18.24% in November 2016.
High prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts and Solid fuel recorded the highest increases. As a result, compared to the previous month, the core index grew by 74bps to 1.67% m/m in November 2022 from 0.93% a month earlier.
