Inflation Rate Hits 18.48%, NBS Blames High Cost of Rent

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Yemi Kale, CEO, NBS
Yemi Kale, CEO, NBS

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THE Consumer Price Index which measures the rate of inflation in Nigeria rose by 18.48 percent 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 percent 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 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33  percent).

“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 percent and 6.76 percent year-on-year respectively. It said the food sub index increased by 17.19 percent year-on-year in November, up by 0.10 percentage points from the 17.09 percent recorded in October.

The urban index, according to the report rose by 20.07 percent year-on-year in November from 19.91 percent recorded in October, while the rural index increased by 17.10 percent 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 percent while the rural index was also down by 0.05 percent. – Punch

—  Dec 15, 2016 @ 14:00 GMT

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