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Inflation Rose to 9.4% in November

The Consumer Price Index (CPI) which measures inflation rose to 9.4 per cent in November.

The marginal increase represents a 0.1 per cent rise from 9.3 per cent recorded in the previous month.

This came after a brief respite in October, when the CPI revealed lesser increase in the price of food commodities and other consumable goods.

The National Bureau of Statics, in its monthly release, said the rise in the inflation was driven in part by higher prices within the food and non-alcoholic beverages division as well as increases in the transportation division as a result of shortages in premium motor sprit (PMS) coupled with the knock-on effect impacting transportation of people and goods across the country.

Food prices as measured by the food sub-index in the month under review, also increased at higher pace in November.

According to the NBS, the Food sub-index increased to 10.3 per cent (year-on-year) during the month, 0.2 percent points from rates recorded in October.

According to the NBS, the Food sub-index increased to 10.3 per cent (year-on-year) during the month, 0.2 percent points from rates recorded in October.

All major food groups which contribute to the food sub-index were said to have increased at a faster pace during the month with the exception of the fruits group which has been trending lower since June of this year.

However, increases in the Core sub-index also rose at the same rate for the second consecutive month at 8.7 per cent, as rates slowed for the quarter.

The Core sub-index was weighted upon by slower increases in multiple divisions such as clothing and footwear; housing water, electricity, gas and other fuels; and furnishings & household equipment maintenance amongst others.

On a month-on-month basis, the headline index as well as the food and core sub-indices all increased at a faster pace in November.

 

Source: Vanguard Nigeria

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