By Modupe Gbadeyanka
In the month of November 2018, inflation rate in Nigeria increased marginally by 0.02 percent, the National Bureau of Statistics (NBS) revealed on Friday.
According to a report released today by the stats office, the inflation rate jumped to 11.28 percent year-on-year from 11.26 percent in the month of October 2018.
The NBS said increases were recorded in all COICOP divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018, 0.74 percent.
The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.
The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018.
On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72) percent. The corresponding twelve-month year-on-year average percentage change for the urban index was 12.83 percent in November 2018. This is less than 13.21 percent reported in October 2018, while the corresponding rural inflation rate in November 2018 was 12.05 percent compared to 12.42 percent recorded in October 2018.
Adedapo Adesanya