As Nigerian economy continues to put up chronic poor showing, there’s a relentless rise in the country’s inflation as it has hit 11.85% in November, its highest level since May 2018.
This was contained in a new report released on Tuesday by the National Bureau of Statistics showed.
It said, “The consumer price index, which measures inflation, increased by 11.85 per cent (year-on-year) in November 2019. This is 0.24 per cent points higher than the rate recorded in October 2019 (11.61) per cent.”
The report noted composite food index rose by 14.48 per cent in November, compared to 14.09 per cent in October.
“This rise in the food index was caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish. On month-on-month basis, the food sub-index increased by 1.25 per cent in November 2019, down by 0.08 per cent points from 1.33 per cent recorded in October 2019,” the bureau added.