Inflation rate hits 21.47% in November – NBS
Headline inflation rate increased to 21.47 per cent on a year-on-year basis in November, the National Bureau of Statistics (NBS), has said.
It made the declaration in its Consumer Price Index (CPI) and Inflation Report for November 2022 released in Abuja on Thursday.
According to the report, the increase is 6.07 per cent points higher compared to the 15.4 per cent recorded in November 2021.
“This means that in November 2022, the general price level was 6.07 per cent higher relative to what it was in November 2021,’’ it stated.
It added that some of the factors responsible for the rise were increase in import costs occasioned by persistent currency depreciation and general increase in production costs occasioned by the increase in energy cost.
The report stated also that on a month-on-month basis, headline inflation rate in November was 1.39 per cent, which was 0.15 per cent higher than the rate recorded in October at 1.24 per cent.
“This means that in November, the general price level was 0.15 per cent higher relative to October,’’ it added.
According to the report, the likely factor responsible for the increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experienced during the festive season.
The report stated that the percentage change in the average CPI for the 12 months ending November 2022 over the average of the CPI for the previous 12 months period was 18.37 per cent.
“This indicates a 1.39 per cent increase compared to the 16.98 per cent recorded in November 2021,’’ it stated.
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report added that food inflation rate in November was 24.13 per cent on a year-on-year basis, and was 6.92 per cent higher compared to the rate recorded in November 2021 at 17.21 per cent.
“The rise in food inflation is caused by increases in the prices of bread and cereals, potatoes, yams and other tubers, and oil and fat,’’ it stressed.
It added that on a month-on-month basis, food inflation rate in November was 1.40 per cent, which was a 0.17 per cent rise compared to the rate recorded in October 2022 at 1.23 per cent.
It attributed the increase to a rise in prices of some food items like oil and fat, fruit, fish, and tubers.
“The average annual rate of food inflation for the 12 months ending November 2022 was 20.41 per cent.
“It was a 0.21 per cent points decline from the average annual rate of change recorded in November 2021 at 20.62 per cent.
“All items, less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 18.24 per cent in November 2022 on a year-on-year basis.
“This increased by 4.39 per cent compared to 13.85 per cent recorded in November 2021,’’ it stated.
On a month-on-month basis, core inflation rate was 1.67 per cent in November 2022, which was a 0.74 per cent rise compared to what it stood at in October 2022 at 0.93 per cent.
Highest increases were recorded in the prices of gas, liquid fuel, air fares, vehicle spare parts, and solid fuel, it added.
“The average 12-month annual inflation rate was 15.69 per cent for the 12 months ended November; this was 2.73 per cent points higher than the 12.96 per cent recorded in November 2021.
“On a year-on-year basis urban inflation rate in November 2022 was 22.09 per cent, which was 6.17 per cent higher compared to the 15.92 per cent recorded in November 2021.
“On a month-on-month basis, urban inflation rate was 1.50 per cent in November 2022; this was a 0.16 per cent increase compared to October 2022 at 1.33 per cent,’’ it stated.
The NBS stated also that the corresponding 12-month average for urban inflation rate was 18.9 per cent in November 2022.
“This was 1.35 per cent higher compared to the 17.55 per cent reported in November 2021.
“On a year-on-year basis in November 2022, rural inflation rate was 20.88 per cent, which was 5.99 per cent higher compared to the 14.89 per cent recorded in November 2021.
“On a month-on-month basis, rural inflation rate in November 2022 was 1.3 per cent, which increased by 0.14 per cent compared to October 2022 at 1.16 per cent.
“Corresponding 12-month average for rural inflation rate in November was 17.88 per cent, which was 1.46 per cent higher compared to the 16.42 per cent recorded in November 2021,’’ it stated.
On states’ profile analysis, the report showed that in November, all-items inflation rate on a year-on-year basis was highest in Ebonyi at 26.11 per cent, followed by Kogi at 25.84 per cent, and Rivers at 24.45 per cent.
The lowest rise in headline year-on-year inflation was recorded in Kaduna State at 18.87 per cent, followed by Sokoto State at 19.02 per cent, and Cross River at 19.17 per cent.
In November, all items inflation rate on a month-on-month basis was highest in Ebonyi (3.16 per cent), Niger at 2.70 per cent and Plateau at 2.44 per cent.
“In Ogun State, there was -0.17 per cent rise, followed by Abuja at -0.12 per cent and Sokoto State at 0.25 per cent on a month-on-month basis.
“Food inflation in November 2022, on a year-on-year basis, was highest in Kwara at 29.74 per cent, followed by Kogi at 29.51 per cent, and Ebonyi at 28.25 per cent.
“Kaduna State recorded 19.3 per cent, followed by Sokoto State at 19.48 per cent and Jigawa at 20.55 per cent is slowest rise in year-on-year food inflation,’’ it stated.
On a month-on-month basis, November 2022 food inflation was highest in Nasarawa State at 2.87 per cent, followed by Delta at 2.66 per cent, and Plateau at 2.53 per cent.
Sokoto State recorded -0.94 per cent, followed by Ogun State at -0.34 per cent and Yobe at -0.1 per cent being the slowest rise in month-on-month inflation, the NBS added.
