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Prices of food items soar as inflation rate hits 32-month high

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The consumer price index, which measures inflation, increased to 14.89 percent in November on a year-on-year basis, a new report by the National Bureau of Statistics has shown.

The report, which was released on Tuesday, also shows that food inflation hit 18.30 percent; up 0.92 percentage points from the 17.38 percent recorded in October.

Inflation measures the rate at which the prices of goods and services increase over a period of time.

The bureau attributed the rise in the food index to increases in the prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, vegetables and oils, and fats.

The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020,” the report read.

“Core inflation, which excludes the prices of volatile agricultural produce stood at 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.

“The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, repair of furniture, passenger transport by road, maintenance and repair of personal transport equipment, vehicle spare parts, hairdressing salons and personal grooming establishments, pharmaceutical products, paramedical services and motor cars.”

On a year-on-year basis, food inflation was highest in Kogi (24.00 percent), Sokoto and Zamfara (20.60%) and Ebonyi (20.20 percent), while Abia (16.20 percent), Bauchi (15.60 percent) and Gombe and Nasarawa (15.00 percent) recorded the slowest rise.

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