Nigerian inflation rises to 11.85% in November

605

By Emmanuel Elebeke

The consumer price index, which measures inflation increased by 11.85 per cent in November 2019. The figure is 0.24 per cent points higher than (11.61) per cent, the rate recorded in October 2019.

According to the National Bureau of Statistics report published on its website on Tuesday, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

According to the report, the Headline index increased by 1.02 per cent in November 2019, On a month-on-month basis, indicating 0.05 per cent rate lower than the rate recorded in October 2019 (1.07) per cent.

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 per cent, representing a 0.05 per cent point from 11.30 per cent recorded in October 2019.

Also, the urban inflation rate increased within the month under review by 12.47 per cent (year-on-year) in November 2019 from 12.20 per cent recorded in October 2019, while the rural inflation rate increased by 11.30 per cent in November 2019 from 11.07 per cent in October 2019.

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

The bureau noted that the corresponding twelve-month year-on-year average percentage change for the urban index is 11.75 per cent in November 2019. This is higher than 11.68 per cent reported in October 2019, while the corresponding rural inflation rate in November 2019 is 10.98 per cent compared to 10.95 per cent recorded in October 2019.

The composite food index rose by 14.48 per cent in November 2019 compared to 14.09 per cent in October 2019. This rise in the food index, NBS said was caused by increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, yam and other tubers, and Fish.

On a month-on-month basis, the food sub-index increased by 1.25 per cent in November 2019, down by 0.08 per cent points from 1.33 per cent recorded in October 2019. However, the average annual rate of change of the Food sub-index for the twelve-month period ending November 2019 over the previous twelve-month average was 13.65 per cent, 0.11 per cent points from the average annual rate of change recorded in October 2019 (13.54) per cent.

Sourced From: Vanguard News

Let's Keep You Informed




Leave a Reply

avatar