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Nigeria’s inflation rate climbs further to 14.89 per cent in November, due to the spike in the prices of basic food items in recent times due to border closures, dollar restrictions and the recent banditry attacks preventing farmers from producing foods. 

 

In the latest report, the composite food index rose sharply by 18.30 per cent in November 2020 compared to 17.38 per cent in October 2020. “This rise in the food index was due to increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats, and Vegetables.”

On month-on-month basis, the food sub-index increased by 2.04 per cent in November 2020, up by 0.08 per cent points from 1.96 per cent recorded in October 2020.


Moreover, core consumer prices, which exclude volatile agricultural produce stood at 11.05 per cent in November 2020, down by 0.09 per cent when compared with 11.14 per cent recorded in October 2020.


Inflation in states

In November 2020, all items inflation on year-on-year basis was highest in Bauchi, Kogi and Zamfara, while Abia, Delta and Kwara recorded the slowest rise in headline Year on Year inflation.
In November 2020, food inflation on a year-on-year basis was highest in Kogi, Sokoto and Zamfara and Ebonyi, while Abia, Bauchi and Gombe and Nasarawa recorded the slowest rise.

 

MorganCapital Research

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