Business

Nigeria’s CPI Hits 21.47% As Food Prices Increases 

The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and commodities, increased by 21.47 percent year on year in November, according to the National Bureau of Statistics.

This compares to 15.40% in the same month in 2021. The NBS explained in a statement on Thursday that the 6.07 percent increase in the headline index indicates that the general price level was higher in the review month compared to November 2021.

However, according to the November CPI report, the headline inflation rate was 1.39 percent, which was 0.15 percent higher than the 1.24 percent recorded in October. Food inflation increased to 24.13 per cent year-on-year which was 6.92 per cent higher than the 17.21 per cent recorded in November 2021.

Food inflation has risen due to price increases in bread and cereals, oil and fat, potatoes, yam and other tubers, food products, and fish.

However, food inflation was 1.40 percent month on month, which was 0.17 percent higher than the 1.23 percent recorded in October. This was also attributed to an increase in the prices of certain food items such as oil and fat, fruits, fish, and tubers.

Ada Peter

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