Higher food prices push Nigeria’s inflation to 11.28 percent

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The National Bureau of Statistics, NBS, has stated that the Consumer Price Index, CPI, which measures inflation, increased to 11.28 per cent (year-on-year) in November from 11.26 per cent recorded in October.

The NBS disclosed this in its “CPI and Inflation Report’’ for November released in Abuja on Friday.

According to the bureau, the figure is 0.02 per cent points higher than the rate recorded in October.

On a month-on-month basis, the NBS said the headline index increased by 0.80 per cent in the period under review by 0.06 per cent points from the rate recorded in October (0.74 per cent).

It said the percentage change in the average composite CPI for the 12 months period ended November over the average of CPI for the previous 12 months period.

The bureau, however, measured the CPI at 12.41 per cent in the period under review, showing a 0.37 per cent decline from 12.78 per cent recorded in October.

It stated that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline index.

According to the NBS, the rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, fish, vegetables, fruits, oil and fats, potatoes, yam and other tubers.

Core inflation, which excludes the prices of volatile agricultural products was down by 0.1 percent from the 9.9 percent recorded in October.

On month-on-month basis, the core sub-index increased by 0.68 percent in November, down by 0.12 per cent when compared with 0.80 per cent recorded in the preceding month.

“The highest increases were recorded in prices of major household appliances, Fuels and lubricants for personal transport equipment, Repair of household appliances, Dental services, Domestic services and

household services, Medical services, Hospital services, Vehicle spare parts, Shoes and other footwear, and cleaning, repair and hire of clothing,” it stated.

“The average 12-month annual rate of change of the index was 10.70 percent for the twelve-month period ending November 2018; this is 0.2 percent points lower than 10.90 percent recorded in October 2018,” it added.

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