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High prices of bread, cereal, others push November inflation to 11.28%

By Nkiruka Nnorom

Increase in prices of bread, cereal, cheese and egg as well as other consumables have resulted in a rise in the Consumer Price Index (CPI) or inflation rate by 0.02 percent to 11.28 percent year-on-year, y/y in November 2018, from 11.26 percent in October.

Bread

The November 2018 CPI Report released Friday, by the National Bureau of Statistic (NBS) showed that increase in other consumables including milk, fish, vegetables, fruits, oil and fats, potatoes, yam and other tubers also contributed to the rise in inflation within the month.

On month-on-month (m-o-m) basis, the headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent.

The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

The report indicated that the urban inflation rate increased by 11.61 percent y/y in November from 11.64 percent recorded in October,while the rural inflation rate increased by 10.99 percent from 10.93 percent in the previous month.

The Composite Food Index rose by 13.30 percent in November 2018 compared to 13.28 percent in October 2018 following increases in prices of bread and cereals, milk, cheese and egg, fish, vegetables, fruits, oil and fats, potatoes, yam and other tubers.

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Regarding the impact on states, NBS stated that in November 2018, all items inflation on y/y basis was highest in Rivers (13.09%), Taraba (12.99%) and Ekiti(12.70%), while Ogun (9.52%), Kwara (8.74%) and Cross River (8.72%) recorded the slowest rise in headline y/y inflation.

“On m-o-m basis however, November 2018 all items inflation was highest in Edo (2.18%), Nasarawa (1.46%), and Kwara (1.39%), while Yobe (0.29%), Abia(0.28%) and Jigawa (0.02%) had the least with Kogi recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.”

The CPI increased to the highest level at 11.28 percent in September 2018, from the previous high in May 2018. The rate was 11.23 percent in June, 11.14 percent in July, the lowest in over 2 years and 0.09 percent points less than the June rate.

The consumer price index, (CPI) which measures inflation increased by 11.28 percent (year-on-year) in November 2018. This is 0.02 percent points higher than the rate recorded in October 2018 (11.26) percent

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

On month-on-month basis, the Headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent.

The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

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The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from10.93 percent in October 2018.

On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72) percent.

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