Rising Food Prices Drives Nigeria’s Inflation Up In November
The prices of goods and services in Nigeria rose 11.28% from a year earlier, compared with 11.26% in October.
This is according to the latest consumer Price Index released by the National Bureau of Statistics, NBS on Friday.
Prices rose 0.8 percent in the month.
Inflation was driven by higher prices for bread and cereals, milk, cheese and yam, causing the November overall food index to rise by 13.3% when compared to the same period in 2017.
“On month-on-month basis, the Headline index increased by 0.80% in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent.
“The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41%, showing 0.37 percent point decline from 12.78% recorded in October 2018,” NBS said in the reported posted on its website.
Inflation is generally expected to accelerate partly due to 2019 election-related spending, and an increase in budget disbursements.
Recall that the Central Bank Governor, Godwin Emefiele had predicted that the inflation rate could remain above the 9% upper end of the target, and only starting to moderate after mid-2019.
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