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The National Bureau of Statistics (NBS) has released the Consumer Prices Index for November 2020 with an analysis of the inflation rate in Nigeria for the month. The CPI for November 2020 shows an increase of 14.89% (year-on-year).
In comparing this with the previous month, it is a 0.66% points increase from the 14.23% in October 2020.
Notable increase in November
The Headline index increased by 1.60% in November 2020 on a month-on-month basis. This is 0.06% points higher than the 1.54% recorded in October 2020.
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With the festivities around the corner, food inflation grew higher than other components of the CPI the report shows.
Prices of bread and cereals, potatoes, yam, meat, fish, fruits, vegetables and oils and fats rose sharply in November 2020. Hence the rise in the composite food index in November 2020 – 18.30%.
By states, food inflation was highest in Kogi, Zamara and as Sokoto, in November (year on year basis).
Excluding the prices of volatile agricultural produce reached 11.05% in November 2020, Core inflation declined by 0.09% when in contrast with then 11.14% in October.
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With a 0.71% increase in November 2020 (month-on-month), the core sub-index declined against the 1.25% recorded in October 2020 by a sharp 0.54% point.
Nonagricultural components – medical services, pharmaceuticals, repair and transport services – were other increase recorded in the month of November.
Similar to the food inflation by state, Kogi is the state with the highest inflation rate at 19.87%.
