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Inflation Rate Hits 18.48%, NBS Blames High Cost Of Rent

Inflation Rate Hits 18.48%, NBS Blames High Cost Of Rent

The  Consumer Price Index which measures the rate of inflation in Nigeria rose by  18.48 per cent in November, figures released by the National Bureau of Statistics have revealed.

The NBS said in the CPI report for the month of November which was released on Thursday that the 18.48 per cent inflation rate is 0.15 percentage points higher than 18.33 per cent recorded in October.

The report blamed the rise in inflation rate on increases recorded in the housing, water, electricity, gas and clothing materials.”

The report reads in part, “The CPI which measures inflation increased by 18.48 per cent  (year-on-year)  in  November 2016,  0.15  percentage  points  higher than  the  rate  recorded  in  October (18.33  per cent).

“During the month,  the  highest  increases  were seen  in  housing, water, electricity, gas and other fuels, clothing materials, books, liquid fuel passenger transport, motorcycles and shoes.”

The report stated that communication and insurance index recorded the slowest pace of increases in November, rising  at  5.61  per cent and  6.76  per cent  year-on-year respectively.

It said the food sub index  increased by 17.19 per cent year-on-year in  November,

up  by  0.10  percentage  points  from the 17.09 per cent  recorded  in  October.

The urban index, according to the report rose by 20.07 per cent year-on-year in  November  from 19.91 per cent recorded in October, while the rural index increased by 17.10 per cent in  November  from  16.95  percent  in October.

On  a month-on-month  basis, the report stated that the urban index dropped by 0.03 per cent while the rural index was also down by 0.05 per cent.