Nigeria’s inflation rate for the month of November is 9.37% according to the latest release from the National Bureau of Statistics. This compares to 9.3% for the month of October indicative of a 0.66% rise. November Inflation rate is thus the second highest year to date with September being the highest to date at 9.39%.
According to the Bureau, the hike in November inflation rate was due to “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.”
Nigeria has been hit by fuel scarcity for the past 4 weeks as fuel marketers complain of lack of access to forex as well as payment of subsidy by the Government. Fuel (aka PMS) is an essential cost input for goods and services and occasional increases are always added to price of goods and services. According to data from the Nation’s statistics bureau, average price for fuel for the month of November across the country is N115.35 compared to the approved pump price rate of N87 per liter. October average was N93.4.
NB: This post earlier had the inflation rate as 9.73%. We regret the error and apologize to our readers