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Nigerian inflation raises above 14% in Nov.

By News Desk,

The National Bureau of Statistics (NBS) has disclosed that inflation rates in the country rose to 14.89 percent (year-on-year) in November 2020.

It explained that the 14.89 percent increase in consumer price index which measures inflation in the country signifies a 31-month high.

Through its Consumer Price Index November 2020 report released on Tuesday, the Bureau said that the rise was 0.66 percentage points higher than the rate recorded in October 2020 (14.23 percent).

The report said that the percentage change 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 percent, representing a 0.26 percentage point increase over 12.66 percent recorded in October 2020.

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

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

On a month-on-month basis, the Headline index increased by 1.60 percent in November 2020, adding that it was 0.06 percentage points higher than the rate recorded in October 2020 (1.54 percent) and that increases were recorded in all COICOP divisions that yielded the Headline index

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