February 4, 2023
Inflation rate rises to 21.47 per cent
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Inflation rate rises to 21.47 per cent

Recent statistics released by the National Bureau of Statistics yesterday says 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. 

 The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 21.47 per cent in November 2022 compared to the rate in November 2021. 

 The report however noted that the increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experienced during the festive season, the increase in the cost of importation due to the persistent currency depreciation, and the general increase in the cost of production. 

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