Core inflation, which proxies all items less farm produce, rose to 8.99% in November 2019 as against 8.88% in the previous month.
On a month-on-month basis, the core inflation sub-index in November increased by 0.79% points.
Details provided by the Bureau showed that the highest increase in prices was recorded in items such as cleaning, repair and hire of clothing, hospital services, hairdressing salons and personal grooming establishment and glassware.
Other items include tableware and household utensils, vehicle spare parts, repair and hire of footwear, shoes and other footwear, clothing materials, other articles of clothing and clothing accessories, medical services and passenger transport by air.
Top 10 states with highest inflation in November
The latest inflation data for states disclosed that Kebbi, Ekiti, Niger, Gombe, Plateau, Adamawa, Kano, Ogun, Borno and Abuja were worst hit, recording the highest spikes in inflation rates.
Recall that in October inflation report, Oyo, Osun, Lagos State, and Ogun States were the worst hit. As reported by Nairametrics, the states are closest to the border towns, so they were feeling the full weight of the negative effect of the border closure.
Border closure and festive season driving prices
Although Ogun State, which is one of the closest to the border towns, has continued to feel the full weight of the border closure in the country, the spike in inflation rates recorded in the northern region may not be totally attributable to the border closure
As earlier reported, as Nigerians continue to grapple with the effects of the border closure, the fast-approaching Christmas holiday is also piling pressure on the prices of essential goods and services. Nigerians typically spend the most towards the end of the year, particularly on household items such as food, fashion and gift items.
Nigerians continue to experience a spike in the prices of goods and services, particularly food items since the border closure commenced.
In our latest food market survey, poultry owners and other traders of food items disclosed to the Research Team that food items were expected to spike further in December due to the Yuletide period.
Analysts are also of the opinion that inflation will further rise into the year 2020 as the economy continues to reflect the ripple effects of the border closure.
Meanwhile, the Central Bank of Nigeria recently stated that an expected temporary food supply shock due to the border closure would adjust over the medium-to-long term as the economy increases investments in food production.
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