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Food Prices Balloon As Inflation Hits 14.8%
![NBS, Nigeria’s inflation rate, [JUST IN] Again, Nigeria’s Inflation Rate Rises To 17.33%](https://ekohotblog.com/wp-content/uploads/2020/01/Inflation.jpg)
Nigeria inflation rate reach its highest in over two years in November as prices of food item continue to skyrocket.
Eko Hot Blog reports that the consumer price index used in gauging inflation rate surge to 14.89 percent in November on a year-on-year basis.
The development is contained in a report released on Tuesday by the National Bureau of Statistics.
According the report, food inflation food inflation also hit 18.30 percent; up 0.92 percentage points from the 17.38 percent recorded in October.
Inflation measures the rate at which the prices of goods and services increase over a period of time.
The bureau cited astronomical increase in prices of staple food like bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats to upsurge in price Index.
“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.
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“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.”
On a year-on-year basis, food inflation was highest in Kogi (24.00 percent), Sokoto and Zamfara (20.60%) and Ebonyi (20.20 percent), while Abia (16.20 percent), Bauchi (15.60 percent) and Gombe and Nasarawa (15.00 percent) recorded the slowest rise.
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