Inflation Rate Rose Slightly in November - Report

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Inflation Rate Rose Slightly in November - Report

The inflationary trend in Nigeria has worsened in the month of November as the poor masses continue to reel in hardship.

The cost of living in Nigeria rose slightly in November, following a surge in housing, water, electricity, fuel and clothing, according to the Investor King.

The consumer price index, which measures inflation rate rose 18.48 percent from a year earlier, according to the National Bureau of Statistics report released on Thursday. The figure was 0.15 percent higher than 18.33 percent recorded in October.

While, the highest increases were seen in housing, water, electricity, energy and clothing. The communications and insurance indexes recorded the lowest increase in November, rising 5.61 percent and 6.76 percent respectively.

On a yearly basis, the food index surged 17.19 percent in November, up by 0.10 percent from the 17.09 percent recorded in October.

On a three-month average, the data showed a steady slowdown in the rate of increase, suggesting that prices are moderating gradually.

“While it is rising, the pace of increase has been slow; which suggests that the problems are being gradually resolved,” said Dr. Yemi Kale, the statistician general of the federation and chief executive, NBS. “If you look at the rate of inflation, it’s been rising at a slower rate for the last four months.”

Also, the NBS reported on Thursday that the country’s unemployment rate climbed from 13.3 percent recorded in the second quarter of the year to 13.9 percent at the end of the third quarter. This report further confirmed the gradual moderation in the figures as federal government continued to devise means to curb economic recession through its proposed 7.3trillion budget.