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Inflation Hits 11.28% In November, Says NBS |The Republican News

Inflation notches up to 11.28% in November, says NBS

“The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018…”

Isaac Anumihe, Abuja

National Bureau of Statistics (NBS) has said that inflation rate in November has moved up to 11.28 percent, 0.02 percent points higher than the 11.26 percent rate recorded in October 2018.

Recall that the inflation rate dropped to 11.26 percent in October from 11.28 percent in September because food prices had a negative inflation between September and October 2018.

But in a statement, at the weekend in Abuja, NBS said that in November, increases were recorded in all classifications of individual consumption according to Purpose (COICOP) divisions that yielded the headline index.

“As regards month-on-month basis, the headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent. The percentage change in the average composite Consumer Price Index (CPI) for the 12 months period that ended in November 2018 over the average of the CPI for the previous 12 months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

“The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018. On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72 per cent). The corresponding 12-month year-on-year average percentage change for the urban index was 12.83 percent in November 2018. This is less than 13.21 percent reported in October 2018, while the corresponding rural inflation rate in November 2018 was 12.05 percent compared to 12.42 percent recorded in October 2018,” NBS said.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.    (The Sun)

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Inflation Rate Drops For The First Time In 15 Months |The Republican News

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Ifeanyi Onuba, Abuja

The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation rate, with the index dropping year-on-year from 18.72 per cent in January to 17.78 per cent in February.

Apart from the inflation report, the NBS also released four others. They are the cooking gas price watch, Premium Motor Spirit (petrol) price watch, kerosene price watch and the diesel price watch.

The drop by 0.94 percentage points in inflation is a relief to consumers as this is the first time in 15 months that the country will witness a reduction in the price index.

The report attributed the drop in the inflation rate to slow increases recorded in food prices and other divisions.

For instance, the bureau stated that while housing, electricity, gas and other fuels, education and alcoholic beverages, clothing and transportation services recorded accelerated price increases, soft drinks, coffee and cocoa moderated during the period.

The report read in part, “On a headline basis, the Consumer Price Index, which measures inflation, increased by 17.78 per cent (year-on-year) albeit at a slower pace in February 2017, 0.94 per cent points lower from the rate recorded in January (18.72) per  cent.

“This represents the first time in 15 months that the headline CPI has declined on year-on-year basis, representing the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.

“The major divisions responsible for accelerating the pace of the increase in the headline index were housing, electricity, gas and other fuels, education and alcoholic beverage, clothing and transportation service.”

On a month-on-month basis, the NBS report stated that the headline index increased by 1.49 per cent in February, 0.48 percentage points higher from the rate of 1.01 recorded in January.

The report stated that the urban index rose by 18.57 per cent year-on-year in February from 20.31 per cent recorded in January, while the rural index increased by 16.98 per cent from 17.34 per cent in January.

On month-on-month basis, the report explained that the urban index rose by 1.52 per cent in February from 1.03 per cent recorded in January, while the rural index rose by 1.47 per cent in February from one per cent in the previous month.

In the cooking gas price watch report, the bureau said the average price for the refilling of a 5kg cylinder increased by 5.48 per cent month-on-month and 45.59 per cent year-on-year to N2,708.38 in February 2017 from N2,567.56 in January 2017.

It said the states with the highest average price for the refilling of a 5kg cylinder of cooking gas were  Edo (N3,030), Abia, Akwa Ibom, Bayelsa, Cross River, Zamfara, Rivers and Kebbi (N3,000), and Delta (N2,984.62).

In the PMS report, the bureau stated that the average price paid by consumers for petrol increased by 50.1 per cent year-on-year and 0.7 per cent month-on-month to N149.8 per litre in February  from N148.7 in January.

For diesel, the report stated that the average price paid by consumers for the product increased by 3.68 per cent month-on-month and 68.74 per cent year-on-year to N249.38 in February from N240.52 the previous month.

In terms of kerosene, the NBS said the average price of the product paid by consumers increased by 31.34 per cent year-on-year to N352.42 per litre in February from N433.84 in January.                   (Punchng.com)

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