Nigerian inflation surged for the tenth consecutive month in November, reaching 21.47%.
The result indicates that the general price level was 6.07% higher in November 2022 than it was in November 2021.
The headline inflation rate in November 2022 was 1.39%, which was 0.15% higher than the rate seen in October 2022 (1.24%), on a month-over-month basis.
Accordingly, the general price level in November 2022 was 0.15% higher than it was in October 2022.
The National Bureau of Statistics (NBS) stated this in its latest Consumer Price Index report published on its website on Thursday.
NBS in its report attributed the rise in prices to food supply disruptions, import cost hikes due to currency depreciation, and a rise in production costs.
A separate index on food showed inflation was at 24.13% in November, compared with 23.72% in October.
This again revealed Africa’s most populous nation continues to struggle with rising prices for staples like rice and bread.