From 11.61 per cent recorded in October, Nigeria’s inflation rate increased to 11.85 per cent in November, the National Bureau of Statistics, has said.
This is also the highest inflation rate recorded since April 2018.
Despite a general decrease in the general price level of food in some states, the composite food index rose by 14.48 per cent in November compared to 14.09 per cent in October.
The rise in the food index was said to be caused by increases in the prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.
This may be as a result of the border closure and the demands for these food items towards the festive period.
When compared, the food sub-index increased by 1.25 per cent in November, down 0.08 per cent points from 1.33 per cent recorded in October.
“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.
Inflation by states
Food inflation, when compared to last year, was highest in Sokoto, Kebbi and Ekiti states while Katsina, Bayelsa, and Bauchi recorded the slowest rise.
Using October, 2019 inflation rate, food inflation was highest in Kwara, Sokoto, Bayelsa, and Edo while Nasarawa recorded the slowest rise alongside Lagos and Ondo states.
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Lagos and Ondo states also recorded a general decrease in the general price of food items.
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 year on year inflation.
“On month on month basis, however, in November 2019, all items’ inflation was highest in Ebonyi Bayelsa and Niger while Abuja, Adamawa, Bauchi, Benue, and Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” it said.
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