Nigeria’s inflation rate jumps to 21.47%

The National Bureau of Statistics NBS says Inflation for November 2022 rises to 21.47%, from 21.09% in October 2022.

This is 10th consecutive increase in inflation this year.

The increase is according to the monthly consumer price index produced by the National Bureau of Statistics.

Food Inflation was 24.13% in November 2022, from 23.72% in October 2022.

Urban Inflation was 22.09% while rural Inflation was 20.88%.

The NBS says 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.