The nation’s inflation rate rose to 21.47 per cent in November, continuing its 2022 surge.
According to the National Bureau of Statistics, this is because of an increase in demand due to the festive season.
In its ‘Consumer Price Index: November 2022’ released on Thursday, the NBS disclosed that this was 0.38 per cent points higher than the 21.09 per cent that was recorded in October.
It said, “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 per cent. This was 6.07 per cent points higher compared to the rate recorded in November 2021, which was 15.40 per cent.
“This means that in the month of November 2022, the general price level was 6.07 per cent higher relative to November 2021. On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39 per cent, this was 0.15 per cent higher than the rate recorded in October 2022 (1.24 per cent). This means that in the month of November 2022, the general price level was 0.15 per cent 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 per cent, showing a 1.39 per cent increase compared to 16.98 per cent recorded in November 2021.”
Commenting on the factors responsible for the monthly increase in the inflation rate, the NBS said, “The increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.”
It further added that increase in the cost of importation due to the persistent currency depreciation and a general increase in the cost of production are responsible for the increase in the annual inflation rate.