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Headline inflation rises by 0.02 bps to 11.28 per cent in November
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Food inflation rose by 13 per cent y/y in November, compared with 13.28 per cent recorded in the previous month.
The National Bureau of Statistics (NBS) reported today that the country’s Consumer Price Index (CPI) rose by 0.02 basis points (bps) to 11.28 per cent in November, year-on-year, compared with 11.26 per cent recorded in October.
This was the inflation rate recorded in September, when the headline inflation rose by 5 bps to 11.28 per cent. In September, headline inflation rose for the first time in 18 months.
Food inflation rose by 13 per cent y/y in November, compared with 13.28 per cent recorded in the previous month. According to the nation’s statistics agency, the rise in the food index was caused by the increase in the prices of fish, vegetables, fruits, bread and cereals, milk, cheese and egg, oil and fat, potatoes, yam and other tubers.
On a month-on-month basis, the food index increased by 0.08 bps to 0.90 per cent in November, compared with the 0.82 per cent recorded in the preceding month of October.
Meanwhile, core inflation, which excludes the prices of agricultural produce, stood at 9.8 per cent during the review period, down by 0.1 bps from the 9.9 per cent recorded in October.
Urban inflation eased by 0.03 bps to 11.61 per cent, compared with 11.64 per cent recorded in October, while rural inflation rose by 0.06 bps in November to 10.99 per cent from 10.93 per cent in the previous month.
On a month-on-month basis, core inflation increased by 0.68 per cent compared with the 0.80 per cent rate recorded in the preceding month. This represents a 0.12 bps decrease.
The highest increases in core inflation were recorded in the prices of major household appliances, fuels and lubricants for personal transport equipment, repair of household appliances, dental services, domestic services and household services, medical services, hospital services, vehicle parts, shoes and other footwear, and cleaning, repair and hire of clothing.
FSDH Research, a Lagos-based investment banking firm, had predicted that the headline inflation will marginally increase to 11.28 per cent in November. As a result of the increase in electricity tariff, implementation of the new minimum wage and the possible removal of fuel subsidy, FSDH analysts also projected a 13 per cent inflation rate for the 2019 fiscal year.
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