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The National Bureau of Statistics reported today that the Nigeria’s inflation rate rose to 18.48 per cent in November, up 0.15 percentage points from 18.33 percent recorded in the previous month. Given the latest figures, the country's inflation rate has now risen for thirteen consecutive months since November 2015 when inflation stood at 9.4 per cent.

The statistics agency said all major consumer price divisions contributed to the uptick in inflation during the month under review. Food inflation rose by 17.19 per cent last month from 17.09 per cent recorded in October. Food inflation was driven mainly by the prices of imported foods, meat, bread and cereals, and fish.

“During the month, all major food sub-indexes increased with Soft Drinks recording the slowest pace of increase at 7.76 percent year on year,” the NBS said.

Core inflation – which excludes the prices of volatile agricultural produce – increased by 18.20 per cent compared with 18.10 per cent reported in the previous month, driven by the prices of housing, water, electricity, etc.

“In November, the highest price increases were reported in housing, water, electricity, gas and other fuels, clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear,” the statistics agency said.

The urban index rose by 20.07 per cent in November from 19.91 per cent recorded a month earlier, while the rural index increased by 17.10 per cent from 16.95 per cent over the same period.

As Nigeria faces one of its worst economic crisis in history – precipitated by the fall in oil prices – shortage of foreign exchange, the devaluation of the naira, and an increase in fuel prices have caused significant inflationary pressures. Last month, the Central Bank of Nigeria retained its benchmark interest rate at 14 per cent to curb the rising inflation. Inflation has remained outside the upper limit of the apex bank’s target rate of 9 per cent since June of last year.