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Breaking: Nigeria’s inflation rate hits 14.89% in November 2020

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Inflation

The inflation rate in Nigeria rose to 14.23 percent (year-on-year) in November 2020 indicating 0.52 percent points higher than the rate recorded in is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 percent).

The National Bureau of Statistics (NBS) disclosed this in its monthly Consumer Price Index (CPI) report on Tuesday, December 15.

The percentage change in the average composite CPI for the 12 months period ending November 2020 over the average of the CPI for the previous 12 months period was 12.92 percent, representing a 0.26 percentage point increase over 12.66 percent recorded in October 2020.

On a month-on-month basis, the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 per cent recorded in October 2020, while the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020.

The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020.

On month-on-month basis, the Headline index increased by 1.60 percent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

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