Nigeria’s inflation rate rose to an all-time high of 21.47% in November, coming from 21.09% in October.
The latest inflation report by the National Bureau of Statistics revealed this rise represents the 10th consecutively monthly increase since the start of the year.
The report also revealed that Nigeria’s inflation rate has now risen to its highest level since September 2005 when the rate stood at 24.32%.
According to the NBS, the increase in the year-on-year inflation rate can be attributed to increase in cost of importation due to the persistent currency depreciation and general increase in the cost of production.
Food inflation has also soared, as it rose to 24.13% in November 2022 from 23.72% recorded in the previous month.
NBS attributed the rise in food inflation to increase in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products, fish.
