Nigeria’s Inflation rate increased in November
The National Bureau of statistics (NBS), says the Consumer Price Index (CPI), which measured inflation increased to 11.28 per cent (year-on-year) in November from 11.26 per cent recorded in October.
The NBS disclosed this in its “CPI and Inflation Report’’ for November released in Abuja on Friday. According to the bureau, the figure is 0.02 per cent points higher than the rate recorded in October.
On a month-on-month basis, the NBS said the headline index increased by 0.80 per cent in the period under review by 0.06 per cent points from the rate recorded in October (0.74 per cent).
It said the percentage change in the average composite CPI for the 12 months period ended November over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 12.41 per cent in the period under review, showing a 0.37 per cent decline from 12.78 per cent recorded in October.
The bureau said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.(NAN)