Food inflation rose by 18.30 per cent in November ― NBS

The composite food index rose sharply by 18.30 per cent in November 2020 compared to 17.38 per cent in October 2020.

The Consumer Price Index November 2020 report released, on Tuesday, by the National Bureau of Statistics (NBS), also showed that consumer price index, (CPI) which measures inflation increased by 14.89 per cent (year-on-year) in November 2020.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats.

“On a 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.

“The average annual rate of change of the Food sub-index for the twelve-month period ending November 2020 over the previous twelve-month average was 15.75 per cent, 0.33 per cent points from the average annual rate of change recorded in October 2020 (15.42 per cent).”

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NBS explained that on a year on year basis, food inflation was highest in Kogi (24.00%), Sokoto and Zamfara (20.60%) and Ebonyi (20.20%), while Abia (16.20%), Bauchi (15.60%) and Gombe and Nassarawa (15.00%) recorded the slowest rise in November.

“On month on month basis, however, November 2020 food inflation was highest in Kogi (3.37%), Osun (3.08%) and Cross River (2.93%), while Akwa Ibom (0.60%), Edo (0.43%) with Nassarawa recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

On CPI, the Bureau noted that the 14.89 percentage rise was 0.66 percentage points higher than the rate recorded in October 2020 (14.23 per cent).

The percentage change in the average composite CPI for the twelve months period ending November 2020 over the average of the CPI for the previous twelve months period was 12.92 per cent, representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.

On a month-on-month basis, the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 per cent recorded in October 2020, while the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020.

The urban inflation rate increased by 15.47 per cent (year-on-year) in November 2020 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 14.33 per cent in November 2020 from 13.68 per cent in October 2020.

On a month-on-month basis, the Headline index increased by 1.60 per cent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

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

The corresponding twelve-month year-on-year average percentage change for the urban index was 13.65 per cent in November 2020.

This is higher than 13.29 per cent reported in October 2020, while the corresponding rural inflation rate in November 2020 is 12.35 per cent compared to 12.09 per cent recorded in October 2020.

NIGERIAN TRIBUNE

Food inflation rose by 18.30 per cent in November ― NBS