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Nigeria’s Inflation Hits 14.89%, Highest In 34 Months

Nigeria’s Consumer Price Index (CPI), which measures inflation rate, rose by 14.89% (year-on-year) in November 2020, representing 0.66% points higher than the 14.23% rate recorded in the previous month.

The latest rate represents the highest inflation rate recorded in 34 months since January 2018, when the rate stood at 15.13%.

The National Bureau of Statistics (NBS) in its latest CPI published Tuesday stated that the highest increases during the month were recorded in prices of Passenger transport by air, Medical services, Hospital services, Repair of furniture, Passenger transport by road and Maintenance and repair of personal transport equipment.

Other factors that triggered the spike in the general price level were, Vehicle spare parts, Hairdressing salons and personal grooming establishments, Pharmaceutical products, Paramedical services and Motor cars.

According to the report, on a month-on-month basis the Headline index increased by 1.6% in the month under review, indicating 0.06% points higher than the 1.54% rate recorded in October 2020
Similarly the NBS reported that the food index rose sharply by 18.3% in November 2020 compared to 17.38% in October 2020, representing 0.92% points higher than the preceding month.

The Bureau reported that the rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fish, Fruits, Vegetables, and Oils and fats.

It further stated that the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05% in November 2020, declined by 0.09% when compared with 11.14% recorded in October 2020.

On a month-on-month basis, the core sub-index increased by 0.71 percent in November 2020 representing a sharp 0.54% point decline when compared with 1.25% recorded in October 2020.

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