Nigeria’s Inflation Rates Rises To 11.85% In November

The consumer price index, (CPI) which measures inflation increased by 11.85 percent (year-on-year) in November 2019.

This is 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent.

Naija News learnt that the National Bureau of Statistics (NBS)made this known  in its CPI and Inflation Report November 2019, increases were recorded in all COICOP divisions that yielded the Headline index.

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

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.

The NBS report  also indicated that food sub-index within the period under review rose by 14.48 per cent year-on-year and 1.25 per cent month on month basis.

It further explained that the highest increase recorded was on bread and cereal, fish, meat, potato, yam and other tubers as well as oil and fats.

The bureau said urban index in November 2019 rose by 12.47 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.