Home / Business / Inflation Increased By 11.85% In November 2019 – NBS

Inflation Increased By 11.85% In November 2019 – NBS

The National Bureau of Statistics (NBS) said inflation increased by 11.85 per cent year on year in November 2019.

The NBS made this known in ITS Consumer Price Index (CPI) and Inflation report for November released on Tuesday.

Read Also: Nigeria Imports Decrease, Other Oil Exports Gain In Q3 – NBS

The bureau said the development was 0.24 per cent points higher than the rate recorded in October 2019 which was 11.61 per cent.

It explained that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The NBS said in month-on-month basis, the headline index increased by 1.02 per cent in November 2019, adding that it was 0.05 per cent rate lower than the rate recorded in October 2019 which was 1.07 per cent.

The bureau said that the percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 per cent.

According to the NBS, the figure represents 0.05 per cent point from 11.30 per cent recorded in October 2019.

Read Also: Only Christians Have Been Jailed For Corruption Under Buhari – Fani-Kayode

The NBS report indicated that food sub-index within the period under review rose by 14.48 per cent year-on-year and 1.25 per cent month on month basis.

It further explained that the highest increase recorded was on bread and cereal, fish, meat, potato, yam and other tubers as well as oil and fats.

The bureau said urban index in November 2019 rose by 12.47 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.

NAN

About Ademola Aderele

Check Also

Food Prices Force Inflation To Hit 12.13% Rise In January

Data from the National Bureau of Statistics (NBS) shows that increase in food prices has …

Power Sector Recorded N1.7trn Tariff Shortfall In Four Years – NERC

The Nigerian Electricity Regulatory Commission (NERC) says the power sector recorded ₦1.72 trillion tariff-related revenue …

One comment

Leave a Reply

WhatsApp Newsbreak