Nigeria’s inflation rate rose to 21.47% in November 2022, the National Bureau of Statistics (NBS)’s latest report released on Thursday has revealed
According to the NBS report, the figure was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%.
The Executive Summary of the report obtained by our Correspondent reads: “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47%.
“This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%.
“This means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.
“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 percentage change in the average CPI for the twelve months period ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to 16.98% recorded in November 2021”.
Also, the agency stated that “Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022.
“This growth rate declined from 4.03% in the third quarter of 2021. The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.
“The Q3 2022 growth rate decreased by 1.78% points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022.
“However, quarter-on-quarter, real GDP grew at 9.68% in Q3 2022, reflecting a higher economic activity in Q3 2022 than the preceding quarter. In the quarter under review, aggregate GDP stood at N52,255,809.62 million in nominal terms.
“This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45,113,448.06 million, indicating a year-on-year nominal growth rate of 15.83%.
“The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41% growth recorded in the third quarter of 2021 and higher compared to the 15.03% growth recorded in the preceding quarter”.