BREAKING: Nigeria’s inflation Rate Hits 14.89% In November 2020 As Food Inflation Spikes

 

Nigeria's inflation increased to a staggering figure in November of 2020, according to the National Bureau of Statistics (NBS).

 

The consumer price index (CPI), which measures inflation, increased by 14.89% (year-on-year) in November 2020.

 

This is 0.66% points higher than the rate recorded in October 2020 (14.23%).

 

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

 

According to the report, the composite food index rose sharply by 18.3% in November 2020 compared to 17.38% in October 2020 while the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05% in November 2020.

 

More details shortly…