Featured Finance

Inflation increased by 11.85% in November 2019 — NBS

The National Bureau of Statistics (NBS) said inflation increased by 11.85 per cent 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 per cent points higher than the rate recorded in October 2019 which was 11.61 per cent.

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

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

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 per cent.

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

The NBS report indicated that food sub-index within the period under review rose by 14.48 per cent year-on-year and 1.25 per cent 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 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.

Related posts

How Nigerian Stock Exchange Emerged World’s Best In 2020 –Onyema

Our Reporter

…20 die in 57 crashes in Lagos, Ogun during lockdown

Our Reporter

Lagos-Ibadan expressway gridlock: Passengers trek long distance to reach destinations

Our Reporter

2019: Osinbajo launches APC Nextlevel campaign manual in UK

Editor

NSE: negative sentiments persist, market capitalisation shed N109bn

Editor

Petroleum products shipment: Concerns mount over $120m yearly losses

Our Reporter