Inflation rises further to new high

Nigerians are to remain for more time under the pressure of soaring prices and declining household savings as monetary and fiscal dislocations have continued to drive inflationary trend to higher levels.

Ahead of the release of the latest inflation rate by the National Bureau of Statistics (NBS), independent surveys and forecasts polled yesterday showed that the spiraling inflationary trend remained on the upswing.

Economic and finance research firms and analysts that had previously correctly predicted the inflation trend were unanimous yesterday that inflation rate would rise for the tenth consecutive time, when the NBS makes its announcement tomorrow.

Analysts differed on the degree of increase, analysts’ consensus was definite on further increase in inflation rate, with predictions ranging between increases of 20 to 30 basis points

Inflation rate had risen successively from 20.52 per cent in August 2022 to 20.77 per cent in September and further to 21.09 per cent in October 2022.

It was 15.99 per cent in October 2021. Analysts’ projections estimated inflation rate was hovering around 21.30 per cent in November.

The NBS is scheduled to formally announce the November 2022 inflation rate on Thursday, December 15.


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