Post Views: 158 • Bauchi Records Highest, Kogi, Lowest Growth Rate Nigeria’s National Bureau of Statistics (NBS), on Monday, published the Consumer Pr...
• Bauchi Records Highest, Kogi, Lowest Growth Rate
Nigeria’s National Bureau of Statistics (NBS), on Monday, published the Consumer Price Index (CPI) for the month of November, showing that inflation grew by 15.9% Year-on-Year (YoY) in the month of November, from October’s 15.91%.
This, the bureau noted is the 10th consecutive month of marginal decline since January 2017, but rose Month-on-Month to 0.78% from 0.76%.
The growth continued to be boosted by food and core inflation at 20.30% and 12.20% respectively from 20.31% and 12.14%, with the highest increase recorded in oil and fats, milk, cheese and egg, bread and cereals, coffee, tea and cocoa, as well as fish.
For core inflation, growth was mainly driven by motorcycles, bicycles, glassware and tableware; hospital and medical services, spirits, household textiles, insurance and accommodation services.
While urban inflation rate climbed 16.27% up (YoY) in the period under review, slower than the 16.19% of preceding month, rural inflation rate fell from 15.67% to 15.59%. MoM, rural inflation rose 0.724% up from 0.715% in October; just as urban inflation index stood at 0.85%, from 0.82% in prior month.
‘All items less farm produce’ or core sub-index, which includes prices of volatile agricultural produce stood at 12.20%, up from 12.14% in October after all key divisions which contribute to the index increased, climbing 0.77% up in November from 0.76%.
“The average 12-month annual rate of change of the index was 13.93%. This is 0.48% points lower than 14.41% recorded in October,” the NBS added.
On a state-by-state basis, headline inflation (Yo) during the month of November, the bureau continued, was highest in Bauchi, where it stood at 23.63%; followed by Nasarawa with 19.90%; while Kebbi recorded 19.22%.
Rate of inflation was however slowest for the period in Kogi, 11.27%; Edo, 13.11% and Delta, 13.75%.
Food inflation was however highest (YoY) in Kwara, 28.11%; Ebonyi, 25.03%; and Nasarawa, 24.95%; while Kogi was the lowest at 13.25%; Benue, 15.19% and Bauchi, 15.42%.