Nigeria’s Inflation Rises to 11.28%

There’s a slightly bleak outlook on the Nigerian economy as the consumer price index that measures inflation rose to 11.28% following the November 2108 CPI/Inflation report released by the National Bureau of Statistics (NBS) on Friday.

The Inflation increased by 0.02 percentage points from the 11.26% recorded in October, indicating a marginal jump in the process of goods and services.

“The consumer price index, (CPI) which measures inflation increased by 11.28 percent (year-on-year) in November 2018. This is 0.02 percent points higher than the rate recorded in October 2018 (11.26) percent,” the report read.

“On a month on month basis, all items inflation was highest in Edo (2.18%), Nasarawa (1.46%), and Kwara (1.39%), while yobe (0.29%), Abia (0.28%) and Jigawa (0.02%) had the least with Kogi recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.”

Edo, Imo and Bayelsa recorded the highest food inflation while Kogi, Abia and Oyo recorded the slowest rise in food inflation.

On a month-on-month basis, Bayelsa, Delta, Ebonyi, Kaduna, Kogi, Taraba and Yobe recorded food deflation.

“Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent,” the report read.

“The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

“The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018.

“On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72) percent.”

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