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Nigeria’s inflation rate rises to 11.28 percent in November

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Nigeria’s inflation rate rises to 11.28 percent in November

The Consumer Price Index, measuring inflation rate, increased from 11.26 percent in October to 11.28 percent year-on-year in November, according to the latest inflation report by the National Bureau of Statistics, NBS.

Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

The NBS released the report on Friday in Abuja, adding that the figure is 0.02 per cent points higher than the rate recorded in October.

On a month-on-month basis, the report showed that the headline index increased by 0.80 per cent in the period under review by 0.06 per cent points from the rate recorded in October (0.74 per cent).

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It said the percentage change in the average composite CPI for the 12 months period ended November over the average of CPI for the previous 12 months period.

The report, however, said it measured the CPI at 12.41 per cent in the period under review, showing a 0.37 per cent decline from 12.78 per cent recorded in October.

The NBS further stated that increases were recorded in all classification of Individual Consumption by Purpose divisions that yielded the headline index.

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