The National Bureau of Statistics NBS, has said that the nation’s inflation rate stood at 7.9 per cent in November, 0.1 per cent higher than the 7.8 per cent recorded in October.
This is the first up-tick in year-on-year rates recorded in four months, even as rates remain in single digit range for the 11th consecutive month.
In a statement issued in Abuja by the Statistician-General of the Federation, Dr Yemi Kale, the Bureau noted that “in November, the Consumer Price Index (CPI) which measures inflation, rose by 7.9 per cent year-on-year, a marginal increase of 0.1 percentage point from7.8 per cent recorded in October.
Kale said prices increased in major food classes such as meat, fish, bread and cereals, stating that, in November, on a month-on-month basis, the highest price increases were recorded in the bread and cereals, oils and fats, and fish classes.
“The average annual rate of rise of the food sub-index for the 12-month period ending in November 2013 was 9.8 per cent when compared with the same period in 2012,” it said, adding that, this was 0.2 percentage points lower than the 12 month average year-on-year change for the period ending in October (10.0 percent).”
Kale added that the impact of harvests continued to be observed in some classes, as moderation was observed in dairies, fruits, vegetables, coffee, tea and cocoa classes, nothing that the core sub-index continued to edge higher on a year-on-year basis, increasing for the fifth consecutive month.”
“There were moderation, however, in the electricity, gas and other classes such as major household appliances and household textiles.
He added that the increase in the core sub-index in November was as a result of price increase across various class items such as furniture and furnishings, vehicle spare parts, garments, clothing materials and other articles of clothing.