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Nigeria’s inflation rises further to 11.85 per cent
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According to the NBS, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
Nigeria’s consumer price index (CPI), which measures the general change in price level for goods and services, increased by 11.85 per cent, year-on-year, in November 2019. This latest inflation figure, released today by the National Bureau of Statistics (NBS), shows 0.24 percentage points higher than the rate recorded in October 2019, which was 11.61 percent.
According to the NBS, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
However, general price increases were lower in November than the previous month. NBS said, “On month-on-month basis, the headline index increased by 1.02 per cent in November 2019, which represents 0.05 per cent rate lower than the rate recorded in October 2019, at 1.07 per cent.”
The urban inflation rate increased by 12.47 per cent, year-on-year, in November 2019 from 12.20 per cent recorded in October 2019, while the rural inflation rate increased by 11.30 per cent in November 2019 from 11.07 per cent in October 2019.
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