The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday, December 15, 2022, revealed that CPI increased by 1.39% month-on-month, compared to a 1.24% increase in the previous month.
Similarly, the annual inflation in Nigeria rose to 21. 47% in November from October’s rate of 21.09%, increasing for tenth straight month as food prices spiked, according to NBS.
“On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%). This means that in the month of November 2022, the general price level was 0.15% higher relative to October 2022.”
The report also revealed that on a month-on-month basis, the food inflation rate in November was 1.40%, this was 0.17% higher compared to the rate recorded in October 2022 (1.23%).
This, the NBS attributed to a sharp rise in the demand for assorted goods ahead of the Yuletide, the hike in imported goods due to the depreciation of the naira and subsequent rise in the cost of production.
Nigeria continues to struggle with seemingly uncontrollable rise in prices of staples with food price index showing inflation at 24.13% in November, compared with 23.72% in October, across all states of the federation
NBS reports that the surge in prices of food stuffs was caused by increases in prices of bread and cereals, oil and fat, potatoes, fish.
The future projections appear bleaker as experts warn that prices could rise further. The government expects inflation to remain in double digits, averaging 17.16% next year.