By Dipo Olowookere
Inflation rate in Nigeria got worse in November 2020, rising by 14.89 per cent year-on-year, according to the National Bureau of Statistics (NBS).
In its report released on Tuesday morning, the agency revealed that there was a sharp rise in the food by 18.30 per cent in the month under consideration in contrast to the 17.38 per cent recorded in October 2020.
It was explained that the significant increase in the food index was caused by a jump in the prices of food items like bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats.
The rise in the prices of food items at the market, mostly caused by the continued closure of Nigeria’s land borders since August 2019, contributed to the 0.66 per cent lift in the inflation rate in Nigeria within one month. In October 2020, the inflation rate stood at 14.23 per cent.
The report further noted that inflation was highest in Bauchi on a year-on-year basis at 19.67 per cent, Kogi at 19.81 per cent and Zamfara at 17.30 per cent, while Abia was at 13.26 per cent, Delta State at 13.20 per cent and Kwara at 12.24 per cent recorded the slowest rise.
In terms of food inflation, last month, on a year-on-year basis, it was highest in Kogi at 24.00 per cent, Sokoto and Zamfara at 20.60 per cent and Ebonyi at 20.20 per cent, while Abia at 16.20 per cent, Bauchi at 15.60 per cent and Gombe and Nasarawa at 15.00 per cent recorded the slowest rise.
Last year, the apex bank made efforts to lower the inflation rate to a single-digit but this was not achieved. It was believed that the target would be met this year but COVID-19 crashed this.
In the second quarter of 2020, the economy of the nation was shut down as part of measures put in place to control the spread of coronavirus disease, a global pandemic.
Most farmers were unable to access their farmlands because of restriction in movement, though they were later allowed to move around but under strict guidelines.
Also, the insecurity in the northern part of the country caused the price of food items to skyrocket as farmers were disturbed by bandits, who allegedly collect taxes from them. Recently, more than 40 rice farmers in Borno State were killed by Boko Haram.
Adedapo Adesanya