Inflation rate hits 18.48%, NBS blames high cost of rent

 

 

inflationThe Consumer Price Index which measures the rate of inflation in Nigeria rose by 18.48 per cent in November, figures released by the National Bureau of Statistics have revealed.

The NBS said in the CPI report for the month of November which was released on Thursday that the 18.48 per cent inflation rate is 0.15 percentage points higher than 18.33 per cent recorded in October.

The report blamed the rise in inflation rate on increases recorded in the housing, water, electricity, gas and clothing materials.”

The report reads in part, “The CPI which measures inflation increased by 18.48 per cent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 per cent).

“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing materials, books, liquid fuel passenger transport, motorcycles and shoes.”

The report stated that communication and insurance index recorded the slowest pace of increases in November, rising at 5.61 per cent and 6.76 per cent year-on-year respectively.

It said the food sub index increased by 17.19 per cent year-on-year in November, up by 0.10 percentage points from the 17.09 per cent recorded in October.

The urban index, according to the report rose by 20.07 per cent year-on-year in November from 19.91 per cent recorded in October, while the rural index increased by 17.10 per cent in November from 16.95 percent in October.

On a month-on-month basis, the report stated that the urban index dropped by 0.03 per cent while the rural index was also down by 0.05 per cent.

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