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Business Nigeria: Food Prices Hit Record High; Inflation Worsens

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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 percent (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 groups.

Inflation also stood at 9.4 percent 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.
 

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