Inflation rises to 11.85%


National Bureau of Statistics, NBS, said inflation increased by 11.85 percent year on year in November.The NBS made this known in ITS Consumer Price Index, CPI, and Inflation report for November released on Tuesday.The bureau said the development was 0.24 percent points higher than the rate recorded in October which was 11.61 percent.It explained that the increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.The NBS said in month-on-month basis, the headline index increased by 1.02 percent in November, adding that it was 0.05 percent rate lower than the rate recorded in October which was 1.07 percent.The bureau added that the percentage change in the average composite CPI for the 12 months period ending November over the average of the CPI for the previous twelve months period was 11.35 percent.The NBS figure represents 0.05 percent point from 11.30 percent recorded in October.The report indicated that food sub-index within the period under review rose by 14.48 percent year-on-year and 1.25 percent month on month basis.It explained that the highest increase recorded was on bread and cereal, fish, meat, potato, yam and other tubers as well as oil and fats.The bureau said urban index in November rose by 12.47 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.

YOU MAY ALSO LIKE:  Violence trails Kwara's Hijab controversy as schools reopen