Nigeria’s consumer price index (CPI), which measures inflation, increased by 14.89% (year-on-year) in November 2020 according to latest figures from the National Bureau of Statistics (NBS).
This is 0.66% points higher than the rate recorded in October 2020 (14.23%).
According to the report, the composite food index rose sharply by 18.3% in November 2020 compared to 17.38% in October 2020 while the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05% in November 2020.
This is the 14th straight month the rate has quickened. This may be attributed to the rise in food prices initially caused by border closures, dollar restrictions and the recent banditry attacks that are preventing farmers from producing food.
This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats.
On month-on-month basis, the food sub-index increased by 2.04 per cent in November 2020, up by 0.08 per cent points from 1.96 per cent recorded in October 2020.
For core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 per cent in November 2020, down by 0.09 per cent when compared with 11.14 per cent 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.
In November 2020, all items inflation on year on year basis was highest in Bauchi , Kogi and Zamfara, while Abia, Delta and Kwara recorded the slowest rise in headline Year on Year inflation.
In November 2020, food inflation on a year on year basis was highest in Kogi , Sokoto and Zamfara and Ebonyi, while Abia, Bauchi and Gombe and Nasarawa recorded the slowest rise.
“On month on month basis however, November 2020 food inflation was highest in Kogi , Osun and Cross River , while Akwa Ibom , Edo with Nasarawa recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate)”.