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Nigeria’s Inflation Surges by 14.89 percent – NBS

Nigeria's Inflation Surges by 14.89 percent - NBS

Nigeria’s inflation has surged by 14.89 percent (year-on-year), according to the latest National Bureau of Statistics (NBS) Consumer Price Index November 2020 report.

The bureau stated that the percentage change is 0.66 percent more than that recorded last month.

The percentage change in the average composite CPI for the 12 months period ending November 2020 over the average of the CPI for the previous 12 months period was 12.92 per cent, representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.

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On a month-on-month basis, the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 per cent recorded in October 2020, while the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020.

The urban inflation rate increased by 15.47 per cent (year-on-year) in November 2020 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 14.33 per cent in November 2020 from 13.68 per cent in October 2020.

On month-on-month basis, the Headline index increased by 1.60 per cent in November 2020.

This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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