Inflation rate hits 14.89% in November 

16 Dec Inflation rate hits 14.89% in November 

Nigeria’s inflation rate rose by 14.89% (year-on-year) in November 2020, some 0.66% points higher than the rate recorded in October 2020 (14.23%).

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

According to the report, the latest figure represents the highest inflation rate recorded in 34 months since January 2018, when the rate stood at 15.13%.

On a month-on-month basis, the Headline index increased by 1.6% in November 2020. This is 0.06% points higher than the rate recorded in October 2020 (1.54%).

The food index rose sharply by 18.3% in November 2020 compared to 17.38% in October 2020, representing 0.92% points higher than the preceding month