Food inflation rises to 24% as festive season sets in
Nigerians will mark Christmas and New Year celebrations with hike in good prices as inflation rose to 24.13 per cent in November. According to the National Bureau of Statistics (NBS), the food inflation rate in November was 6.92 per cent higher compared to the rate recorded in November 2021 (17.21 per cent). NBS said the […]
Prices of food are on the rise globally
Nigerians will mark Christmas and New Year celebrations with hike in good prices as inflation rose to 24.13 per cent in November.
According to the National Bureau of Statistics (NBS), the food inflation rate in November was 6.92 per cent higher compared to the rate recorded in November 2021 (17.21 per cent).
NBS said the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products and fish.
It added that headline inflation rate also rose to 21.47 per cent.
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“This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%. This means that in the month of November 2022, the general price level was 6.07% higher relative to 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 percent higher relative to October 2022.”
It said the increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.
“Increase in cost of importation due to the persistent currency depreciation. General increase in the cost of production, increase in energy cost.”
It states that the ‘’All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 18.24 percent in November 2022 on a year-on-year basis, a 4.39 percent when compared to 13.85 percent recorded in November 2021.
“On a month-on-month basis, the core inflation rate was 1.67 percent in November 2022. It stood at 0.93 percent in October 2022, up by 0.74 per cent.
“The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, vehicles spare parts and solid fuel.”