Nigeria’s headline inflation rate hit 21.47 percent in November on a year-on-year basis, the highest in 17 years, according to data released on Thursday.
The data by the Nigeria Bureau of Statistics(NBS) indicated that it is the 10th consecutive rise this year on a month-on-month basis.
On a year-on-year basis, the NBS said the urban inflation rate in November rose to 22.09 percent, some 6.17 percent higher compared to the 15.92 percent recorded in November 2021; the rural inflation rate in November was 20.88 percent, some 5.99 percent higher when compared to 14.89 percent recorded in November 2021.
The NBS said the factors responsible for the increase in the inflation rate could be “a sharp increase in demand usually experienced during the festive season,” the increase in the cost of production, and the increase in the cost of importation due to the persistent currency depreciation. Enditem