Inflation inches to 9.4% in November 0

Inflation has continued to climb higher in the country as the National Bureau of Sta­tistics (NBS put last month’s figure at 9.4 per cent, up from the 9.3 per cent recorded in October.

 

NBS, in a report blames food and non-alcoholic bev­erages as well as increase in the transportation due to fuel scarcity as the contributory factors to the recent trend.

In the report, food prices, as measured by the food sub-index, also increased at high­er pace in November.

The Food sub- index in­creased to 10.3 per cent (year-on- year) during the month, 0.2 per cent points from rates recorded in October, while all major food groups, which contribute to the food sub-index, increased at a faster pace during the month with the exception of the fruits group which has been trend­ing lower since June.

“Increases in the ‘all items less farm produce’ or core sub-index rose at the same rate for the second consecu­tive month at 8.7 per cent, as rates have slowed or held steady for a 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 among others.” the report states.

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. The headline index in particular increased by 0.7 per cent, 0.3 per cent points higher from 0.4 per cent in October. The urban index grew at the same pace as recorded in October at 9.4 per cent (year-on-year), while the rural index also edged higher from 9.2 per cent in October to 9.3 per cent in November.

On a month-on-month ba­sis, both the Urban and Rural indices increased at the same pace, both increasing at 0.7 per cent in November, 0.3 per cent points from 0.4 per cent in October.

The percentage change in the average composite CPI for the 12- month period end­ing in November over the av­erage of the CPI for the previ­ous 12-month period was 8.9 per cent, marginally higher from 8.8 per cent recorded in October.

The corresponding 12-month year-on- year av­erage percentage change for the urban index moved in the same fashion, increasing from 8.8 per cent in October to 8.9 per cent in November, while the corresponding rural index also edged higher to 8.8 per cent in November from 8.7 per cent in October.

The food sub-index in­creased to the highest rate recorded this year as prices increased by 10.3 per cent (year-on-year) in November, 0.2 per cent points higher from rates recorded in Octo­ber.

The index was pushed higher as a result of faster in­creases in the fish, bread and cereals; vegetable and meat groups.

On a month-on-month basis, the food sub-index in­creased by 0.8 per cent from October, after a relative mod­eration in rates for the previ­ous three months.

In November, the highest price increases were recorded in liquid fuel (kerosene), fuels and lubricants for personal transport (PMS) due to short­ages.

From Isaac Anumihe, Abuja