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Inflation rate soars to 11.85%



NBS says inflation rate jumped to 11.44% in December

Nigeria’s inflation rate climbed to 11.85% in November 2019, up from the 11.61% recorded in October 2019. The change represented a 0.24% increase.

The National Bureau of Statistics (NBS) revealed this in the latest Consumer Price Index (CPI) report posted on its website Tuesday. The CPI measures inflation rate in the country.

According to the document, “The urban inflation rate increased by 12.47 per cent (year-on-year) in November 2019 from 12.20 per cent recorded in October 2019, while the rural inflation rate increased by 11.30 per cent in November 2019 from 11.07 per cent in October 2019.”

Read also: Refineries record N111bn loss in 11 months —NNPC

It further revealed that the composite food index grew by 14.48% in November 2019 relative to the October 2019 figure which stood at 14.09%.

The NBS attributed the increase in the food index to hike in the prices of certain foods including Bread, Cereals, Oil and Fat, Meat, Potatoes, Yam and other tubers, and Fish.

The report  stated: “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 per cent, 0.11 per cent points from the average annual rate of change recorded in October 2019 (13.54) per cent.”

It further said “The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.99 per cent in November 2019, up by 0.11 per cent when compared with 8.88 per cent recorded in October 2019.”

All Items Inflation

In November 2019, all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) posted the slowest rates in headline Year on Year inflation.

Month on month, all items inflation was highest in Ebonyi (2.20%), Bayelsa (2.48%) and Niger (2.39%), while Abuja, Adamawa, Bauchi, Benue and Ondo posted price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Food Inflation

The report said “In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.

On month on month basis however, November 2019 food inflation was highest in Kwara (2.92%), Sokoto (2.72%) and Bayelsa and Edo (2.66%), while Nasarawa (0.31%) recorded the slowest rise with Lagos and Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

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