19 December 2018 (LAGOS):
The consumer price index (CPI) which measures inflation increased to 11.28
percent (year-on-year) in November compared to 11.26 percent in the preceding
month, according to the National Bureau of Statistics (NBS).
Food inflation stood at
13.30 per cent compared to 13.28 percent in October while Core Inflation was
recorded at 9.80 percent from 9.90 percent in the preceding month.
The 0.02 percent points
increase resulted from price increases in all the divisions that constitute the
Headline index.
On a month-on-month
basis, the urban index rose by 0.83 percent in the review period, up by 0.07
from 0.76 percent recorded in October 2018, while the rural index also rose by
0.78 percent in November, down by 0.06 percent from 0.72 percent rate recorded
in October.
According to the CPI
report for November which was released on Friday by the statistical agency,
urban inflation rate increased by 11.61 percent (year-on-year) in November from
11.64 percent recorded in October while the rural inflation rate increased by
10.99 percent in November 2018 from 10.93 percent in October 2018.
According to the NBS,
the rise in the food index was caused by increases in prices of Bread and
cereals, Milk, cheese and egg, Fish, Vegetables, Fruits, Oil and fats,
Potatoes, yam and other tubers.
Core inflation, which
excludes the prices of volatile agricultural products, was down by 0.1 percent
from the 9.9 percent recorded in October.
“The highest increases were recorded in prices
of major household appliances, Fuels and lubricants for personal transport
equipment, Repair of household appliances, Dental services, Domestic services
and household services, Medical services, Hospital services, Vehicle spare
parts, Shoes and other footwear, and cleaning, repair and hire of clothing,” it
stated.
“The average 12-month
annual rate of change of the index was 10.70 percent for the twelve-month
period ending November 2018; this is 0.2 percent points lower than 10.90
percent recorded in October 2018,” it added.
On month-on-month basis,
the core sub-index increased by 0.68 percent in November, down
by 0.12 percent when compared with 0.80 percent recorded in the preceding
month.
Reporting for
easykobo.com Wednesday, 19 Dec 2018 Lagos, Nigeria.