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Nigeria’s Inflation Hits 14.89% As Food Prices Soar

Nigeria’s inflation has increased to 14.89% in November from 14.23% in October, a new report by the Nigeria Bureau of Statistic has shown.

The report which was released on Tuesday shows a spike in food inflation which jumped from 18.30% in November from 17.38% the previous month.

According to the Bureau, the rise in the food index is attributed to an increase in the prices of bread and cereals, potatoes, yam and other tubers , meat, fish fruits, vegetables and oil and fats

“The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020,” the report read.

“Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.

“The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons, and personal grooming establishments, pharmaceutical products, paramedical services, and motor cars,” NBS noted in the report.

On a year-on-year basis, food inflation was highest in Kogi (24.00 percent), Sokoto and Zamfara (20.60%); Ebonyi (20.20 percent), while Abia (16.20 percent), Bauchi (15.60 percent) and Gombe and Nasarawa (15.00 percent) recorded the slowest rise.

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