Food gets cheaper in Lagos, Ondo but inflation hits 11.85%

Data made available by the National Bureau of Statistics has shown that the consumer price index that measures inflation increased to 11.85% in November.

According to the inflation report released on Tuesday, the inflation rate increased by 0.24 percentage points from the 11.61% recorded in October.

“The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019,” the report read.

“The composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

“This rise in the food index was caused by increases in prices of bread, cereals, oils and fats, meat, potatoes, yam and other tubers, and fish.”

Core inflation, which excludes the price of agricultural commodities, stood at 8.99%, up by 0.11%.

“In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise,” the report read.

“On month on month basis, however, November 2019 food inflation was highest in Kwara (2.92%), Sokoto (2.72%) and Bayelsa and Edo (2.66%), while Nasarawa (0.31%) recorded the slowest rise with Lagos and Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”