The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for November this year increased to 14.89 percent.The NBS said in its monthly report of the consumer price index, (CPI) which measures inflation and released on Tuesday in Abuja that the figure was 0.66 percentage points higher than the rate of 14.23 percent recorded in October 2020.
It explained that the percentage change in the average composite CPI for the 12 months 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 percent recorded in October 2020.
“On a month-on-month basis, the urban index rose by 1.65 percent in November 2020, up by 0.05, from 1.60 percent recorded in October 2020, while the rural index also rose by 1.56 percent in November 2020, up by 0.08 from 1.48 percent recorded in October 2020.
“The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020,” the report said.
On month-on-month basis, according to the report, the Headline index increased by 1.60 percent in November 2020.
“This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 percent). Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index
“The corresponding 12 -month year-on-year average percentage change for the urban index was 13.65 percent in November 2020. This is higher than 13.29 percent reported in October 2020, while the corresponding rural inflation rate in November 2020 is 12.35 percent compared to 12.09 percent recorded in October 2020,” the report added.