Inflation Hits 14.89%

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Igboeli Arinze, FCT-

 

The Consumer Price Index (CPI), which measures inflation,  is said to have increased by 14.89 per cent (year-on-year) in November compared to 14.23 per cent in the preceding month, according to the National Bureau of Statistics (NBS).

 

The NBS attributed the 0.66 percentage
increase in the headline index to
increases in all the parameters that
determine inflation including food and
non-food commodities.

The released CPI figures for
November shows the composite
food index rose sharpy by 18.30 per cent
in the review period compared to 17.38
percent in October.

The NBS noted that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and
other tubers, meat, fish, fruits, vegetables
and oils and fats.

 

Meanwhile, Core inflation, which excludes the prices of volatile agricultural produce, stood at
11.05 per cent in November, down by 0.09 per cent when compared with 11.14 per cent recorded in the preceding month.

The highest increases in the core index
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.

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