The inflation rate in Nigeria surged to 21.47% in November from 21.09% in October.
According to the latest consumer price index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday, CPI increased by 1.39% month-on-month, compared to a 1.24% increase in the previous month.
"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 report also revealed that on a month-on-month basis, the food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%).
NBS noted that the increase was attributed to an increase in prices of some food items like Oil and fat, Fruits, Fish, and Tubers.
Food Inflation Rate by States
Looking at the rate of food inflation on a year-on-year basis according to states, the report revealed that Kwara State with 29.74% was the highest, followed by Kogi State with 29.51% and Ebonyi State with 28.25%.
Kaduna State with 19.30%, Sokoto with 19.48%, and Jigawa State with 20.55% recorded the slowest rise on year-on-year food inflation.
However, on a month-on-month basis, "November 2022 food inflation was highest in Nasarawa (2.87%), Delta (2.66%), and Plateau (2.53%), while Sokoto (-0.94%), Ogun (-0.34%) and Yobe (-0.10%) recorded the slowest rise on month-on-month inflation.," the report said.
