By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s inflation rate inched higher in November by 9.4 percent (year-on-year), marginally higher from 9.3 percent recorded in October 2015, according to the National Bureau of Statistics (NBS) latest report.
The NBS said this development came after a brief respite in October, the Consumer Price Index (CPI) which measures inflation was driven in part by higher prices within the Food and Non-Alcoholic Beverages division as well as increases in the Transportation division as a result of shortages in fuel coupled with the knock-on effect impacting transportation of people and goods across the country.
NBS affirmed that food prices as measured by the Food sub-index also increased to 10.3 percent (year-on-year) during the month, 0.2 percent from rates recorded in October.
“Increases in “All Items less Farm Produce” or Core sub-index rose at the same rate for the second consecutive month at 8.7 percent, as rates have slowed or held steady for a quarter,” the nations statistics office said.
The report noted that on a month-on-month basis, the Headline Index increased by 0.7 percent, 0.3 percent higher from 0.4 percent recorded in October.
According to the NBS, all indices which contribute to the Headline index increased at a faster pace (month-on month) in November with the exception being the Education division.
Similarly, the NBS reported in November, the Urban index grew at the same pace as recorded in October; at 9.4 percent (year-on-year). Also, the rural index edged higher from 9.2 percent in October to 9.3 percent in November.
“On a month-on-month basis, both the Urban and Rural indices increased at the same pace, both increasing at 0.7 percent in November, 0.3 percent from 0.4 percent in October. The percentage change in the average composite CPI for the twelve month period ending in November over the average of the CPI for the previous twelve-month period was 8.9 percent, marginally higher from 8.8 percent recorded in October,” the report added.
The NBS further affirmed that the corresponding twelve-month year-on-year average percentage change for the Urban index moved in the same fashion increasing from 8.8 percent in October to 8.9 percent in November, while the corresponding Rural index also edged higher to 8.8 percent in November from 8.7 percent in October.
