By Tony Obiechina, Abuja

Nigeria’s healine inflation for November 2022 rose to 21.47 percent from 21.09 percent recorded in October, by 1.39 percent. This is the highest peak in the past 17 years.

This is contained in the Consumer price index (CPI) report released on Thursday by the Statistician-General of the Federation/Chief Executive Officer of the National Bureau of Statistics (NBS), Prince
Semiu Adeyemi Adeniran.

According to the report , this was 6.07% points higher compared to the rate recorded in November 2021, which was (15.40%). This shows that the headline inflation rate increased in November 2022 when compared to the same month in the preceding year (i.e., November 2021) by 6.07%.

“The increase in the general price level in the annual inflation rate (Year-on-Year) can be attributed to an increase in the cost of importation due to the continual currency depreciation and a General increase in the cost of production due to a surge in energy cost.

“While on a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, which was 0.15% higher than the rate recorded in October 2022 (1.24%). The increase in the monthly inflation rate (month-on-month basis) is attributed to higher demand, usually experience during the festive season.

“The percentage change in the average CPI for the twelve months 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 the 16.98% recorded in November 2021.

“The components that made up the food sub-index in November 2022 2022 was 24.13% on a year-on-year basis; which was 6.92% higher compared to the rate recorded in November 2021 (17.21%).

“The rise in the food sub-index was caused by the increases in prices of Bread and cereals, Oil and fat, Potatoes, yam and other tubers, Food products n.e.c, and fish.
Whereas the month-on-month food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%).

“The increase was attributed to an increase in prices of some food items like Oil and fat, Fruits, Fish and Tubers. The average annual rate of food inflation for the twelve-month ending November 2022 was 20.41%. This is 0.21% points decline from the annual rate of change recorded in November 2021 (20.62%)”, the report stated.

The CPI Report stated further that, “The Core Inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24% in November 2022 on a year-on-year basis; showing a rise of 4.39% when compared to 13.85% recorded in November 2021.

“On a month-on-month basis, the core inflation rate was 1.67% in November 2022, while the rate was 0.93% in October 2022. This shows a rise of 0.74%. The highest increases were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, vehicle spare parts, and Solid fuel.

“The percentage change in the average CPI for the twelve months ending November 2022 was 15.69%, which was 2.73% points higher than the previous twelve months period which recorded 12.96% in November 2021.The urban consumers’ inflation rate for November 2022 on a year-on-year basis stood at 22.09%. This was 6.17% higher compared to the 15.92% recorded in November 2021”.

The Report also noted that while on a month-on-month basis, the urban inflation rate was 1.50% in November 2022, adding that this was 0.16% higher compared to October (1.33%), even as the corresponding twelve-month average for the urban inflation rate was 18.90% in November. This was 1.35% higher compared to the 17.55% reported in November 2021.

“The inflation rate for rural consumers 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%, indicating a rise of 0.14% compared to October 2022 (1.16%).

While 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. In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11%), Kogi (25.84%), Rivers (24.45%), while Kaduna (18.87%), Sokoto (19.02%) and Cross river (19.17%) recorded the slowest rise in inflation.

“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16%), Niger (2.70%), Plateau (2.44%), while Ogun (-0.17%), Abuja (-0.12%) and Sokoto (0.25%) recorded the slowest rise on month-on-month inflation”, the CPI Report added.