Business

Inflation rate hits 14.89% – highest in 38 months

Nigeria’s headline inflation has risen for the 15th consecutive month, according to the latest inflation statistics by the National Bureau of Statistics (NBS) on Tuesday.

This is the highest in 34 months.  

The inflation rate stood at 14.89% in November 2020, a 0.66% higher than 14.23% in October.

Inflation measures the rate at which prices increase over time. 

The food inflation rate stood at 18.30% in November,   percent higher than 17.38%  in October. 

Food inflation measures the rate at which food prices increase over time. 

“The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020,” the report read.

“Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.

“The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons, and personal grooming establishments, pharmaceutical products, paramedical services, and motor cars,” NBS said in the report.

Economic experts have attributed the increasing inflation rate to as an adverse effect of the COVID-19 pandemic and the closure of land borders across Nigeria. 

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