According to the National Bureau of Statistics [NBS], Nigeria’s inflation rate rose to 11.85 per cent in November making it the highest since May 2018.
This was contained in a new report released by NBS on Tuesday.
According to the report, “the consumer price index, which measures inflation, increased by 11.85 per cent (year-on-year) in November 2019.
“This is 0.24 per cent points higher than the rate recorded in October 2019 (11.61) per cent,” the NBS said.
Going further, the report showed that the composite food index rose by 14.48% in November, compared to 14.09% in October.
“This rise in the food index was caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.
On month-on-month basis, the food sub-index increased by 1.25% in November 2019, down by 0.08% points from 1.33% recorded in October 2019,” the bureau added.
It is believed that the increase in the inflation rate was in line with their expectations for continued food price pressure.
The dual impact was also blamed on the sustained border closure and festive season-induced demand on food prices as food inflation surged by 39 basis points to 14.48% year-on-year.
The increase, it was gathered, stemmed from farm produce (+36bps), processed food (+101bps) and imported food (+4bps).
However, the initial reaction from the border closure seems to be fading, as food prices, on a month-on-month basis, dipped marginally by 8bps.