Inflation increased by 11.85% in November 2019 — NBS

• ‘What government should do to control price increase’

The National Bureau of Statistics (NBS) said inflation increased by 11.85 per cent year on year in November 2019.

The NBS made this known in ITS Consumer Price Index (CPI) and Inflation report for November released yesterday.

The bureau said the development was 0.24 per cent points higher than the rate recorded in October 2019 which was 11.61 per cent.

It explained that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The NBS said in month-on-month basis, the headline index increased by 1.02 per cent in November 2019, adding that it was 0.05 per cent rate lower than the rate recorded in October 2019 which was 1.07 per cent.

The bureau said that the percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 per cent.

According to the NBS, the figure represents 0.05 per cent point from 11.30 per cent recorded in October 2019.

The NBS report indicated that food sub-index within the period under review rose by 14.48 per cent year-on-year and 1.25 per cent month on month basis.

The bureau said urban index in November 2019 rose by 12.47 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.

But an Abuja based financial inclusion specialist Mr Tiko Okoye said the Federal Government’s efforts at stabilising the foreign exchange and controlling inflation will come to nought if the production sector of the economy is neglected.

“No matter the amount of monetary policy the CBN applies to control inflation, it will not work without growing the real sector’’, Okoye said.

He called for the decimalisation of the country’s currency to make it stronger and stable.