Nigeria’s food prices has hit a record high and inflation is
worsening, recent figures from the National Bureau of Statistics, NBS, has revealed.
Consumer Price Index (CPI), which measures inflation in
Nigeria, had dropped for the first time in 11 months in October, only to rise again due to fuel
scarcity, driving food prices to record high.
“The index was driven in part by
higher prices within the food and non-alcoholic beverages
division as well as increases in the transportation division as a result of shortages in premium motor spirit (PMS) coupled with
the knock-on effect impacting
transportation of people and goods across the country,” the November issue of the CPI said.
“The headline index increased by 9.4% (year-on-year),
marginally higher from the rate
recorded in October (9.3%),” it added.
“All indices which contribute to the Headline index increased at a
faster pace (month-on-month) in
November with the exception being the Education division.
“Food prices as observed by the
food sub-index increased to the
highest rate recorded this year.
“Prices increased by 10.3% (year-
on-year) in November, 0.2%
points higher from rates recorded in October.
The index was pushed higher as a result of faster increases in the fish, bread and cereals; vegetable and meat
Inflation also stood at 9.4% year-on-year in
November, up 0.1 percentage point from October, and staying above the upper limit of central
bank’s target, Reuters reports.