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.”
On the likely factors responsible for the increase in the monthly inflation rate, the NBS said: “(Month-on-month basis). The increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.”
The NBS attributed the increase in the annual inflation rate (Year-on-Year basis) to two factors namely: “ Increase in cost of importation due to the persistent currency depreciation; and General increase in the cost of production e.g increase in energy cost.”
URBAN INFLATION
The NBS stated further that, On a year-on-year basis, in the month of November 2022, the urban inflation rate was 22.09%, this was 6.17% higher compared to the 15.92% recorded in November 2021.
On a month-on-month basis, the urban inflation rate was 1.50% in November 2022, this was 0.16% higher compared to October 2022 (1.33%). The corresponding twelve-month average for the urban inflation rate was 18.90% in November 2022. This was 1.35% higher compared to the 17.55% reported in November 2021.
RURAL INFLATION
“The rural inflation rate in November 2022 was 20.88% on a year-on-year basis; this was 5.99% higher compared to 14.89% recorded in November 2021. On a month-on-month basis, the rural inflation rate in November 2022 was 1.30%, up by 0.14% compared to October 2022 (1.16%).
The corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88%. This was 1.46% higher compared to the 16.42% recorded in November 2021.”
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