The Consumer Price Index (CPI), which measures inflation rate or hike in prices in the Nigerian economy, has hit an all-year high, which also represents an 11-year high.
The rise in the inflation rate was however at its slowest pace in 2016, rising by less than a quarter of a percentage point.
According to the National Bureau of Statistic (NBS), inflation rate increased to 18.48% in November, from 18.33 in October 2016.
The NBS said in its reports “Communication and Insurance recorded the slowest pace of growth in November, growing at 5.61% and 6.76% year-on-year respectively,”
“The Food Sub-Index increased by 17.19% (year-on-year) in November, up by 0.10 percentage points from rates recorded in October (17.09 %).
“During the month, all major food sub-indexes increased with Soft Drinks recording the slowest pace of increase at 7.76% year on year.”
The rise in the inflation rate was mainly driven by power; school needs, and the increase in food prices.
“During the month, the highest increases were seen in Water, Housing, Electricity, Gas and Other Fuels, Clothing materials and other articles of clothing, liquid fuel, books, passenger transport by air, motor cycles and shoes and other footwear.
“The Composite Food Index rose by 17.19% in November 2016. The rise in the index was mainly driven by an increase in prices of imported Fish, Meat, foods, Bread, and cereals.”
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Nigeria is experiencing the highest inflation change in a fiscal year since the year 2005.