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Published On: Fri, Dec 14th, 2018

Nigeria inflation rate accelerates to 11.28% in Nov.

Nigeria’s annual inflation rate rose to 11.28 per cent in November of 2018 from 11.26 percent in the previous month, underpinned on higher cost of food and housing and utilities, data released by the National Bureau of Statistics (NBS) on Friday has shown.

Prices food and non-alcoholic beverages increased further to 13.26 per cent year-on-year, compared to 13.24 per cent in October, largely spurred by food (13.30 percent compared to 13.28 percent); housing & utilities (7.34 percent compared to 7.28 percent) and health (9.74 percent compared to 9.70 percent).

Increase in the prices of restaurants & hotels (9.45 percent compared to 9.42 percent); recreation & culture (8.56 percent compared to 8.38 percent) and communication (7.36 percent compared to 7.29 percent) also caused November inflation to race at higher pace.

However, there were lower costs of clothing & footwear (9.97 percent compared to 9.98 percent); transport (10.29 percent compared to 10.37 percent); furnishings & household equipment maintenance (9.69 percent compared to 9.72 percent); education (9.78 percent compared to 9.85 percent) and miscellaneous goods & services (9.66 percent compared to 9.76 percent).

Annual core inflation which excludes price of volatile agricultural products fell to 9.79 percent in November from 9.88 percent in October.

On a monthly basis, consumer prices went up 0.8 percent, after rising 0.7 percent in the prior month.

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