Nigeria’s inflation hits 11.85% in November-NBS
.Lagos, Ondo states record general decline in prices of food items
The November inflation report by the National Bureau of Statistics has shown that inflation has risen from 11.61 per cent in October 2019, to 11.85 per cent in November 2019.
The latest inflation figures as released by NBS also showed that Lagos and Ondo state recorded a significant decrease in prices of food items among all the thirty states of the federation including the Federal Capital Territory.
“The urban inflation rate increased by 12.47 per cent (year-on-year) in November 2019 from 12.20 per cent recorded in October 2019, while the rural inflation rate increased by 11.30 per cent in November 2019 from 11.07 per cent in October 2019,” the report read.
Also, the composite food index rose by 14.48 per cent in November 2019 compared to 14.09 per cent in October 2019.
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The rise in the food index according to the report was triggered by increases in the prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.
When compared to October 2019, the food sub-index increased by 1.25 per cent in November 2019, down 0.08 per cent points from 1.33 per cent recorded in October 2019.
“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,” The report stated.
Furthermore, in a state by state food inflation report compared to last year, Sokoto, Kebbi and Ekiti states recorded the highest 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.
Lagos and Ondo states also recorded a general decrease in the general price of food items.
For all items inflation, 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 headline 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”, the report further stated.
