Dipo Olowookere
By Dipo Olowookere
The National Bureau of Statistics (NBS) on Tuesday said the inflation rate in Nigeria increased year-on-year to 11.85 percent in the month of November 2019 from 11.61 percent recorded in October 2019, indicating a difference of 0.24 percent.
The stats office, in its report this morning, attributed this rise in spike in the food index in the period under review, from 14.09 percent in October to 14.48 percent in November 2019.
Business Post gathered that the rise in the food index was caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.
The NBS said the percentage change in the average composite CPI for the 12 months period ending November 2019 over the average of the CPI for the previous 12 months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.
The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.
On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019,down by 0.01 from the rate recorded in October 2019 (0.99) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.75 percent in November 2019. This is higher than 11.68 percent reported in October 2019, while the corresponding rural inflation rate in November 2019 is 10.98 percent compared to 10.95 percent recorded in October 2019.
On month-on-month basis, the food sub-index increased by 1.25 percent in November 2019, down by 0.08 percent points from 1.33 percent recorded in October 2019.
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 percent, 0.11 percent points from the average annual rate of change recorded in October 2019 (13.54) percent.
