Nigeria's inflation rises, hits 11.85 percent

From 11.61 per cent in October 2019, Nigeria's inflation rate increased to 11.85 per cent in November 2019, the National Bureau of Statistics, has said.

The bureau released the latest inflation figures on Tuesday.

"The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent 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.

The rise in the food index was said to be caused 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 percent 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 percent, 0.11 percent points from the average annual rate of change recorded in October 2019 (13.54) percent," it said.

Core inflation, which excludes the price of agricultural commodities, stood at 8.99 per cent, up by 0.11 per cent points.

Inflation by states

Food inflation, when compared to last year, was highest in Sokoto, Kebbi and Ekiti states 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)," it said.