The consumer price index, which is used to determine Nigeria’s headline inflation rate, grew for the tenth consecutive month, climbing to 21.47% in November from 21.09% in October, according to data from the National Bureau of Statistics.
This translates to a 38 basis point increase in inflation when compared to the nation’s inflation figures from October, reflecting a major security risk that has impacted food prices.
Inconsistencies in the food supply, higher import costs due to currency depreciation, and an increase in manufacturing costs, per the report NBS released today, were to blame for the price hike.
As the price of staple items like bread and rice rose, Nigeria’s food price index showed inflation at 24.13% in November, up from 23.72% in October.
The statistics office reports that headline inflation increased from 1.24% in October to 1.39% in November, an increase of 15 basis points from month to month. The major causes of the rise in food inflation were higher prices for bread and cereals, oil and fat, potatoes, yams, and other tubers, food products, and fish.
Food inflation for the month of November was 1.40% m/m, compared to the 1.23% m/m recorded in October. Similar to this, core inflation increased by 48bps from 17.76% in October to 18.24%, which was its highest level since November 2016 when it also reached 18.24%.
The largest price increases were seen in gas, liquid fuel, air travel for passengers, vehicle replacement parts, and solid fuel. Consequently, in comparison to the prior month, the core index.
