Nigeria’s inflationary pressure has jumped to a 32-month high on rising food cost as headline inflation increased by 0.66 per cent to 14.89 per cent in November from 14.23 per cent recorded in October.
This is according to the National Bureau of Statistics in its ‘Consumer Price Index November 2020′ report released on Tuesday.
Analysis on the report showed that Gross Domestic Product contracted by 3.62 per cent year-on-year in real terms in the third quarter of 2020 plunging the nation into recession.
Increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index, the report showed.
In the review month, urban inflation increased by 15.47 per cent year-on-year from 14.81 per cent in October, while rural inflation also increased by 14.33 per cent from 13.68 per cent in October.
Composite food index rose sharply by 18.30 per cent compared to 17.38 per cent in October and NBS noted that this was as a result of increases in prices of bread and cereals, potatoes, yam (and other tubers), meat, fish, fruits, vegetables and oils and fats.
In addition, food inflation on a year-on-year basis was highest in Kogi at 24 per cent.
