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Nigerian Inflation Rate Continued on a Steady Rise in November

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CEM REPORT, ECONOMY | Inflation in Nigeria has risen for the 10th consecutive month to stand at 21.47% in November from 21.09% recorded in October.

According to the latest inflation report from the National Bureau of Statistics (NBS), the increase in the year-on-year inflation rate can be attributed to the increasing  cost of importation due to the persistent currency depreciation and the general increase in the cost of production.

Data from the report reveals that food inflation rose to 24.13% in November 2022 from 23.72% recorded in the previous month.

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This is attributed to the increase in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products, and fish.

Core inflation, which excludes the prices of volatile agricultural produce, stood at 18.24% in November 2022 on a year-on-year basis.

This is a 48.52 basis points increase when compared to the 17.76% recorded in October 2022.

The highest increases in the core basket were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts, and Solid fuel.

Inflation in urban areas rose by 1.33% to stand at 22.09% when compared to 21.63% recorded in the previous month and a 1 12% increase year-on-year.

On a month-on-month basis, the urban inflation index increased by 1.5%.

The rural inflation rate in November 2022 was 20.88% on a year-on-year basis; compared to 20.57% recorded in October 2022 and 14.89% recorded in November 2021.

On a month-on-month basis, the rural inflation index increased by 1.3%. This is higher than the 1.16% recorded in the previous month and 1.04% recorded in November 2021.

State profile on inflation for the review month reveals that in terms of headline inflation, Ebonyi State recorded the highest rate at 26.11% in November 2022, followed by Kogi and Rivers State with 25.84% and 24.45% respectively.

This is as Sokoto recorded 19.02% and Cross river recorded 19.17% making them the states with the slowest rise in headline Year-on-Year inflation.

Kwara State led the list in terms of food inflation in November 2022 with 29.74%, followed by Kogi State with 29.51% and Ebonyi with 28.25%.

Kaduna (19.30%), Sokoto (19.48%), and Jigawa (20.55%) recorded the slowest rise in year-on-year food inflation.

 

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