NIGERIA’S INFLATION RATE HIT 11.85% IN NOVEMBER 2019
Nigeria’s
inflation rate has increased for the third consecutive month. With a 0.25%
rise, it moved from 11.85% in October to 11.85% in November 2019 according to
the National Bureau of Statistics.
“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,” the report reads.
Food Items Source: The Market Food Shop |
Meanwhile,
the composite food index rose by 14.48 per cent in November 2019 compared to
14.09 per cent in October 2019. This current rise in the food index is due to
the increases in the prices of everyday foods such as bread, cereals, oils and
fats, meat, potatoes, yam including other tubers like cassava and fish.
When
compared to October 2019, the food sub-index increased by 1.25 per cent in
November 2019, down 0.08 per cent 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,” it said.
Core
inflation, which excludes the price of agricultural commodities, stood at 8.99
per cent, up by 0.11 per cent points.
INFLATION BY STATES
Food
inflation across Nigeria shows that Sokoto, Kebbi and Ekiti has the highest inflation
rate compared to last year, while Katsina, Bayelsa, and Bauchi recorded the
slowest rise year-on-year.
Using
the inflation rate of October 2019, the highest
food inflation is recorded in Kwara, Sokoto, Bayelsa, and Edo while Nasarawa
recorded the slowest rise alongside Lagos and Ondo states.
Lagos
and Ondo states also recorded a general decrease in the general price of food
items.
For
all items inflation, when compared to last year, Kebbi, Sokoto and Niger states
recorded a high inflation rate while Imo, Abuja and Kwara recorded the slowest
rise in headline Year on Year inflation.
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