Inflation rate climbs to 14.23% as food prices ascend; Nigerians groan

More Nigerians have continued to groan as prices of food commodities across the nation have continued to rise.

The climb in food prices and other individual consumption have further increased the rate of inflation to 14.89% in November 2020.

According to figures released by the National Bureau of Statistics (NBC) on Monday, the country’s inflation increased again in October, moving up by 0.52% when compared to 13.71% recorded in September.

The consumer price index (CPI) which measures inflation rose to 14.89% (year-on-year) in November 2020.

The report published Tuesday by the National Bureau of Statistics revealed (NBS) shows that price increases were recorded in all divisions that yielded the headline index.

The composite food index rose sharply by 18.30 per cent in November compared to 17.38 per cent in October. The index was 16.66 percent in September 2020.

This is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 per cent).

On month-on-month basis, the headline index increased by 1.60 per cent in November 2020.

This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

The percentage change in the average composite CPI for the twelve-month period ending November 2020 over the average of the CPI for the previous 12-month period was 12.92 per cent, representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.

The urban inflation rate rose to 15.47 per cent (year-on-year) in November from 14.81 per cent recorded in October, while the rural inflation rate rose to 14.33 per cent in November from 13.68 per cent in October.

On a month-on-month basis, the urban index rose by 1.65 per cent in November, up by 0.05, from 1.60 per cent recorded in October, while the rural index also rose by 1.56 per cent in November, up by 0.08 from 1.48 per cent recorded in October.

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