Dr. Yemi Kale, DG National Bureau of Statistics
DR. Yemi Kale, DG National Bureau of Statistics

Nigeria’s headline inflation hit 11.85%. The National Bureau of Statistics (NBS) www.nigerianstat.gov.ng said inflation increased by 11.85% year on year in November 2019.

The NBS made this known in its Consumer Price Index (CPI) and Inflation report for November released on Tuesday.

The bureau said the development was 0.24% points higher than the rate recorded in October 2019 which was 11.61%.

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

The NBS said in month-on-month basis, the headline index increased by 1.02% in November 2019, adding that it was 0.05% rate lower than the rate recorded in October 2019 which was 1.07%.

The bureau said that the percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35%.

Read: https://dmarketforces.com/nigeria-records-positive-trade-balance-in-q3/

According to the NBS, the figure represents 0.05% point from 11.30% recorded in October 2019.

The NBS report indicated that food sub-index within the period under review rose by 14.48% year-on-year and 1.25% month on month basis.

It further explained that the highest increase recorded was on bread and cereal, fish, meat, potato, yam and other tubers as well as oil and fats.

The bureau said urban index in November 2019 rose by 12.47% year-on-year and 1.07% month-on- month, while rural index increased by 11.30%  and 0.98% year-on-year and month-on-month respectively.

Read: https://dmarketforces.com/the-nigerian-economy-strengthened-further-in-the-third-quarter-of-the-fiscal/