The inflation rate in Nigeria during this Yuletide period has drastically jumped to double figure of 21.47%
In November, the country’s inflation rate increased to 21.47 percent, continuing its upward trend from 2022.
The National Bureau of Statistics claims that this is because of a rise in demand brought on by the holiday season.
The NBS said that this was 0.38 percentage points higher than the 21.09 percentage that was recorded in October in its “Consumer Price Index: November 2022” report, which was issued on Thursday.
It read, “In November 2022, the headline inflation rate was 21.47 percent on an annual basis.
In comparison to the rate, which was 15.40% in November 2021, this was 6.07% points higher.
“This indicates that the overall price level was 6.07 percent higher in November 2022 compared to November 2021.
The headline inflation rate in November 2022 was 1.39 percent, which was 0.15 percent higher than the rate seen in October 2022 on a monthly basis (1.24 per cent).
Accordingly, the overall price level in November 2022 was 0.15 percent higher than it was in October 2022.
“The percentage rise in the average CPI for the twelve months ending in November 2022 over the average of the CPI for the twelve months before to that period was 18.37%, representing a 1.39% increase compared to 16.98% reported in November 2021,” according to the report.
The strong rise in demand that often occurs during the holiday season can be blamed for the monthly increase in inflation rate, according to the NBS in a statement about the causes of the trend.
It went on to say that the rise in the yearly inflation rate is attributable to both an increase in production costs generally and an increase in import costs brought on by the ongoing currency devaluation.