By John Ikani
Nigeria’s inflation rate rose for the 10th consecutive month in November to 21.47 per cent from 21.09 per cent recorded a month earlier amid a continuing increase in food and energy prices.
This is according to the monthly consumer price index produced by the National Bureau of Statistics (NBS).
Food Inflation was 24.13% in November 2022, from 23.72% in October 2022. Urban Inflation rose to 22.09% while rural Inflation hit 20.88%.
The NBS said 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.
Nigeria’s lingering fuel scarcity became worse in recent weeks as several filling stations have failed to sell petroleum products or have sold at high prices. The shortage has seen transport cost rise, thereby affecting goods and commodities.
In a sustained push to control inflation and ease pressure on the naira, the Central Bank of Nigeria in November raised its benchmark lending rate to 16.5 per cent.
