Home / Business / Nigeria’s inflation rate hits 14.89% in November 2020

Nigeria’s inflation rate hits 14.89% in November 2020

Nigeria’s inflation climbed to 14.89 per cent in November, it’s highest level in over 31 months, according to latest figures published by the National Bureau of Statistics (NBS).

This is the 14th straight month the rate has increased according to the NBS, and could be as a result of increased food prices caused by border closures, dollar restrictions and even attacks against farmers who produce food for the country..

The report published on Tuesday, December 15 on the NBS official website shows that the new inflation rate is 0.66 per cent points higher than the rate recorded in October 2020 (14.23 per cent).

The Nigerian economy is yet to recover from the effects of coronavirus effects and reduction in price of crude oil, Nigeria’s main source of foreign revenue.

In the latest report, the composite food index rose sharply by 18.30 per cent in November 2020 compared to 17.38 per cent in October 2020.

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats.

On month-on-month basis, the food sub-index increased by 2.04 per cent in November 2020, up by 0.08 per cent points from 1.96 per cent recorded in October 2020.

Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 per cent in November 2020, down by 0.09 per cent when compared with 11.14 per cent recorded in October 2020.

According to the NBS, the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons and personal grooming establishments, pharmaceutical products, paramedical services and motor cars.

The report also shows that in November 2020, food inflation on a year on year basis was highest in Kogi , Sokoto and Zamfara and Ebonyi, while Abia, Bauchi and Gombe and Nasarawa recorded the slowest rise.

Check Also

Katsina student recounts how he escaped from the bandits that abducted him and his colleagues

One of the students abducted by unknown gunmen in Kankara Secondary school, Katsina, has recounted …

Leave a Reply

Your email address will not be published. Required fields are marked *