Economy: Inflation Rate Hits 14.89 Percent

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Nigeria’s inflation rate has risen for the 15th consecutive month to 14.89 percent in November according to the Consumers Price Index (CPI) released by the National Bureau of Statistics (NBS).

In the data released on Tuesday, the NBS said, ‘the percentage change in the average composite CPI for the 12months period ending November 2020 over the average of the CPI for the previous 12 months period was 12.92 percent, representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.

“On a month-on-month basis, the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 percent recorded in October 2020 while the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020.”

READ ALSO: Food Prices on the rise as Nigeria’s Inflation Hits 14.23 Percent

It said the urban inflation rate increased by 15.47 per cent (year-on-year) in November 2020 from 14.81 per cent recorded in October 2020 while the rural inflation rate increased by 14.33 per cent in November 2020 from 13.68 percent in October 2020.  

On a month-on-month basis, the headline inflation increased by 1.6 per cent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

in October, Ijaw News reported that Nigeria’s inflation continued its upward trend, rising to 14.23 percent, 0.52 percentage points higher than the 13.71 percent recorded in September.

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