Fuel Scarcity Pushed Inflation To 9.4% In November – NBS

Inflation rate climbed to 9.4 percent in November from the 9.3 percent recorded in October largely due to fuel scarcity witnessed during the period.

A report released on Sunday by the National Bureau of Statistics (NBS) blamed the latest rise in the nation’s inflation rate to higher prices paid by Nigerians to purchase food and non-alcoholic beverages.

The NBS revealed that increases in transport fares “as a result of shortages in Premium Motor Sprit (PMS) coupled with the knock-on effect impacting transportation of people and goods across the country” contributed to the rise in inflation rate.

The report showed that the Food sub-index increased to 10.3 percent (year-on-year) during the month, 0.2 percent points from rates recorded in October.

The Core sub-index rose at the same rate for the second consecutive month at 8.7 percent while the Headline Index increased by 0.7 percent, 0.3 percent points higher from the 0.4 percent recorded in October.

“In November, the Urban index grew at the same pace as recorded in October; at 9.4 percent (year-on-year). The Rural index also edged higher from 9.2 percent in October to 9.3 percent in November,” the report stated.

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