Nigeria’ inflation rate rises to 11.28% in November – NBS

Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]
Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]

Nigeria’s consumer price index (CPI), otherwise referred to as the inflation rate for goods and services, rose to 11.28 per cent in November, the National Bureau of Statistic (NBS) has said.

This is its highest value since May.

The statistics agency, in its latest CPI report published on Friday, said the new rate rose from 11.26 per cent recorded in October.

The CPI measures the average change in prices of goods and services consumed by people for day-to-day living over time. The change is about 0.0006 per cent points higher than the rate recorded in October 2018 (0.74) per cent.

“The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 per cent, showing 0.37 per cent point decline from 12.78 per cent recorded in October 2018,” it says.

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