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Nigeria's inflation rate jumps to 11.85% in November 2019 – here are the factors responsible for the spike

by - Adesoji Michael on - 12:35


A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district in Nigeria's commercial capital Lagos February 4, 2016. REUTERS/Akintunde Akinleye/File Photo
Reuters/Akintunde Akinleye
  • Nigeria's inflation rate jumped from 11.30% in October to 11.85% in November 2019.
  • The food index rose by 14.48% in November 2019 caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam, fish, and other tubers.
  • The report reflects issues around the closure of the Nigerian borders and the festive season mood.
Nigeria's inflation rate jumped to 11.85% (year-on-year) in November 2019, representing 0.24% points higher than the rate recorded in October 2019.
The Nigerian Bureau of Statistics (NBS) stated this in its consumer price index (CPI) report for November 2019 released in Abuja on Tuesday, December 17th, 2019.
According to the report, "increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.


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