Just in: Nigeria’s inflation rate hits 21.47% in November

Inflation in Nigeria accelerated for the 10th straight month to 21.47% in November.

The figure means that in the month of November 2022, the general price level was a 6.07% higher inflation figure in 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 National Bureau of Statistics (NBS) stated this in its latest Consumer Price Index report published on its website on Thursday.

NBS in its report attributed the rise in prices to food supply disruptions, import cost hikes due to currency depreciation, and a rise in production costs.

A separate index on food showed inflation was at 24.13% in November, compared with 23.72% in October.

This again revealed Africa’s most populous nation continues to struggle with rising prices for staples like rice and bread.