Barely a week to the lengthy Christmas vacation, Nigeria’s inflation has increased by 11.85 percent in November 2019, gaining 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent.
According to the National Bureau of Statistics (NBS) CPI for the month of November, increases were recorded in all subsets of the consumer price indexes as the effects of the border closure continue to bite hard on the economy.
Recall President Muhammadu Buhari ordered the closure of all land borders against neighbours in August citing insecurity and economic infiltration reasons. There has been mixed reaction over the action as public backlash continues despite the economic gains in certain quarters.
On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, a 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent.
The report also noted that the urban inflation rate grew 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.
“On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.”
