Nigeria’s inflation rate hits 11.85% in November 2019

Nigeria’s inflation rate hit 11.85% in November 2019

Nigeria’s inflation rate has increased for the third consecutive month. With a 0.25% jump, it moved from 11.61% in October to 11.85% in November 2019 according to the National Bureau of Statistics.

“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,” the report reads.

Meanwhile, the composite food index rose by 14.48 per cent in November  2019 compared to 14.09 per cent in October 2019. This current rise in the food index is due to the increases in the prices of everyday foods such as bread, cereals, oils and fats, meat, potatoes, yam including other tubers like cassava and fish.

Your Friends Also Read:  AFDB announces $3.39M fund for 17 SMEs in agriculture sector

Read: Zimbabwe’s inflation rate climbs to 175%

When compared to October 2019, the food sub-index increased by 1.25  per cent in November 2019, down 0.08 per cent points from 1.33 per cent recorded in October 2019.

“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 said.

Core inflation, which excludes the price of agricultural commodities,  stood at 8.99 per cent, up by 0.11 per cent points.

Your Friends Also Read:  BUSINESS EDGE | Food Insecurity in Africa

Inflation by states

Food inflation across Nigeria shows that Sokoto, Kebbi and Ekiti has the highest inflation rate compared to last year, while Katsina,  Bayelsa, and Bauchi recorded the slowest rise year-on-year.

Using the inflation rate of October 2019, the highest food inflation is recorded in Kwara, Sokoto, Bayelsa, and Edo while Nasarawa recorded the slowest rise alongside Lagos and Ondo states.

Lagos and Ondo state also recorded a general decrease in the general price of food items.

For all items inflation, when compared to last year, Kebbi, Sokoto and  Niger states recorded a high inflation rate while Imo, Abuja and Kwara recorded the slowest rise in headline Year on Year inflation.

Your Friends Also Read:  Kenya Airways Needs $500M Bailout After Revenue Falls By 50%

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
1
Shares

Leave a Reply

Previous Article
Vimbai Chats with Mmamoloko Kubayi-Ngubane on SA Tourism

Vimbai Chats with Mmamoloko Kubayi-Ngubane on SA Tourism

Next Article
Don't bank on my name to rig polls in 2023, Buhari tells Nigerian politicians

Don't bank on my name to rig polls in 2023, Buhari tells Nigerian politicians

Related Posts
Powered by Live Score & Live Score App