Nigeria’s Inflation Rate Hits 14․89%

The inflation rate in Nigeria has climbed up to 14.89% according to the latest figures released on Tuesday by the National Bureau of Statistics (NBS).

This is a 0.66 percent increase from the 14.23 percent recorded in October 2020 as confirmed by the NBS.

According to the report, year on year, headline inflation is now 14.89% in November 2020 from 14.23% in October 2020. Food inflation at 18.30% in Nov 2020 from 17.38% in Oct 2020. Core Inflation at 11.05% in Oct 2020 from 11.14% in Sept 2020.

MONTH ON MONTH:
Headline Inflation at 1.60% in Nov 2020 from 1.54% in Oct 2020. Food inflation at 2.04% in Nov 2020 from 1.96% in Oct 2020. Core Inflation at 0.71% in Nov 2020 from 1.25% in Oct 2020.

RURAL/URBAN YEAR ON YEAR:

Urban (15.47% from 14.81%); Rural (14.33% from 13.68%);

RURAL/URBAN MONTH ON MONTH:

Urban(1.65% from 1.60%); Rural (1.56% from 1.48%).

Similarly, the report also shows an increase in food inflation which jumped to 18.30% in November from 17.38% in October.

The NBS identified increases in prices of major food items such as potatoes, yam, and other tubers, as well as fruits and vegetables.

Meanwhile, back in November 2020, the Central Bank Governor, Godwin Emefiele said the Nigerian economy will recover by 2% in 2021.

This he said after Nigeria officially plunged into another economic recession in November as a result of the COVID-19 impact on the economy and falling oil prices.

But Godwin Emefiele said he expects the problem to be temporary.