NBS
COMPOSITE food index rose by 13.30 per cent in November 2018 compared to 13.28 per cent in the previous month according to the National Bureau of Statistics (NBS).
However, consumer price index, (CPI) which measures inflation increased by 11.28 per cent (year-on-year) during the same month.
This rise in the food index was caused by increases in prices of Bread and cereals, Milk, cheese and egg, Fish, Vegetables, Fruits, Oil and fats, Potatoes, yam and other tubers.
On a month-on-month basis, the food sub-index increased by 0.90 per cent in November 2018, up by 0.08 per cent points from 0.82 per cent recorded in October 2018.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2018 over the previous twelve-month average was 14.80 per cent, 0.56 per cent points lower from the average annual rate of change recorded in October (15.36) per cent.
On CPI, NBS reported that the is 0.02 per cent points higher than the rate recorded in October 2018 (11.26) per cent.
“On a month-on-month basis, the Headline index increased by 0.80 per cent in November 2018, up by 0.006 percentage points from the rate recorded in October 2018 (0.74) per cent.
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 per cent, showing 0.37 per cent point decline from 12.78 per cent recorded in October 2018.
Urban inflation rate increased by 11.61 per cent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 per cent in November 2018 from 10.93 per cent 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 per cent recorded in October 2018, while the rural index also rose by 0.78 per cent in November 2018, down by 0.06 per cent from the rate recorded in October 2018 (0.72) per cent.
The corresponding twelve-month year-on-year average percentage change for the urban index was 12.83 percent in November 2018. This is less than 13.21 per cent reported in October 2018, while the corresponding rural inflation rate in November 2018 was 12.05 per cent compared to 12.42 per cent recorded in October 2018.
The composite food index rose by 13.30 per cent in November 2018 compared to 13.28 per cent in October 2018.
In November 2018, all items inflation on year on year 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 Year on Year inflation.
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