Nigeria’s inflation rises to 11.85 percent

Nigeria’s inflation increased by 11.85 percent in November 2019, gaining 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent.

This is according to the National Bureau of Statistics (NBS) CPI and Inflation Report for November 2019.

On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, a 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent.

The report also noted that the urban inflation rate grew by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.

“On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.”

Also, the composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

The report attributed the rise in the food index to increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, yam and other tubers, and Fish.

Analysing the inflationary rates by state, the report noted that all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) recorded the slowest rise in headline Year on Year inflation.

“In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.”

The percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.

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