JUST IN: In November Nigeria’s inflation rate hits 14.89% – NBS

NEWS DIGEST – The consumer price index which measures inflation increased by 14.89 per cent (year-on-year) in November 2020.

The National Bureau of Statistics disclosed in its Consumer Price Index November 2020 report on Tuesday.

It said this is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 per cent).

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.

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.

Details later…