Nigeria’s Inflation Rate Hits 14.89%
The Consumer Price Index (CPI), which measures inflation, increased by 14.89 per cent (year-on-year) in November compared to 14.23 per cent in the preceding month, according to the National Bureau of Statistics (NBS).
The NBS attributed the 0.66 percentage increase in the headline index to increases in all the parameters that determine inflation including food and non-food commodities.
According to the CPI figures for November, which was released by the statistical agency Tuesday, the composite food index rose sharpy by 18.30 per cent in the review period compared to 17.38 percent in October.
The NBS said 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.
Core inflation, which excludes the prices of volatile agricultural produce, stood at 11.05 per cent in November, down by 0.09 per cent when compared with 11.14 per cent recorded in the preceding month.
The highest increases in the core index were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons and personal grooming establishments, pharmaceutical products, paramedical services and motor cars.