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JUST IN: Inflation Rate Rises To 14.89 Per Cent In November — NBS

by on December 15, 2020
 

By Seun Adeuyi

The consumer price index which measures inflation increased by 14.89 per cent (year-on-year) in November 2020 according to the report of November, released by the National Bureau of Statistics (NBS) on Tuesday.

According to the NBS, it is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 per cent).

The percentage increase in the average composite CPI for the 12 months period ending November 2020 over the average of the CPI for the previous 12 months period was 12.92 per cent.

On a month-on-month basis, the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020, while the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 per cent recorded in October 2020.

While the rural inflation rate increased by 14.33 per cent in November 2020 from 13.68 per cent in October 2020, the urban inflation rate increased by 15.47 per cent (year-on-year) in November 2020 from 14.81 per cent recorded in October 2020.

On month-on-month basis, the Headline index increased by 1.60 per cent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

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