Kunle Harmony
The National Bureau of Statistics, in its latest report, has revealed that Nigeria’s inflation rate has climbed to a 31-month high, as it rose further to 14.89 per cent in November.
The report, published on the website of the bureau shows that the new inflation rate is 0.66 percentage points higher than the rate recorded in October 2020.
Inflation at 14.89% in November 2020 from 14.23% in October 2020 is calculated on a year-on-year (YoY) basis.
The country’s inflation has been on the rise since the federal government shut its land borders. The situation exacerbated due to virtual nationwide economic shutdown due the coronavirus pandemic that has affected the global economy.
The economy is yet to recover from the impacts of coronavirus and the plunge in crude prices, with the country currently in recession.
In the report, the composite food index rose to 18.30% percent in October 2020 compared to 17.38% per cent in September 2020.