The consumer price index, (CPI) which measures inflation accelerated by 14.89 percent in November 2020, a 0.66 percent point increase from 14.23 percent in October 2020, marking the 15th-consecutive uptrend since September 2019 and the highest in 32 months, BusinessDay analysis shows.
Data from the November 2020 inflation report by the National Bureau of Statistics (NBS) released this morning, showed that inflation rose month-on-month by 1.60 percent, which is 0.06 percentage points higher than 1.54 percent recorded in October 2020.
Read Also: Recession, inflation and Nigerian households’ income
Food inflation rose by 18.30 percent month-on-month compared to 17.38 percent in October 2020.
The major drivers of the rise in Nigeria’s food index are bread, cereal, meat, fruits, vegetables, oil & fat, potatoes, fish, alcoholic beverages, yam and other tubers.
Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 percent month-on-month, down 0.09 percent compared to 11.14 percent in October 2020.
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