Nigeria’s inflation rose to 11.85 per cent, according to the National Bureau of Statistics, in the latest inflation figures released yesterday.
According to the report, the inflation rate increased by 0.24 percentage points from the 11.61 per cent recorded in October.
“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 have been 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.