The National Bureau of statistics (NBS), has released the Consumer Price Index (CPI), which measures inflation rate for the month of November.
According to the NBS, the CPI for November increased to 11.28 per cent (year-on-year) in November from 11.26 per cent recorded in October.
The agency disclosed this in its “CPI and Inflation Report’’ for November as released in Abuja on Friday.
According to the bureau, as monitored via the News Agency of Nigeria, the figure is 0.02 per cent points higher than the rate recorded in October.
NAN also quoted in its report that on a month-on-month basis, the NBS said the headline index increased by 0.80 per cent in the period under review by 0.06 per cent points from the rate recorded in October (0.74 per cent). It said the percentage change in the average composite CPI for the 12 months period ended November over the average of CPI for the previous 12 months period. It, however, measured the CPI at 12.41 per cent in the period under review, showing a 0.37 per cent decline from 12.78 per cent recorded in October. The bureau said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
Meanwhile, Nigerians have started to shop for the Christmas holidays and the slight rise in inflation rate may influence prices of goods and services.
The ripples effect may however mean a merry Christmas for some and not for some others who are going to be at the receiving end.
