The Nigeria inflation just hit 20.6 percent as of yesterday, this was announced yesterday by the Nigeria National Bureau of Statistics (NBS), the board director said the Consumers Price Index (CPI) , representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.
The increase is as a result of lower industrious activities in Nigeria and the COVID 19 seems to be one of the major factor, since after the lock down the price of goods and services in Nigeria is on the rise, the Nigeria Naira has speedily depreciate against the USA dollars, which is also a factor holding Nigeria economy
“On a month-on-month basis, the urban index rose by 1.65 per cent in November 2020, up by 0.05, from 1.60 percent recorded in October 2020 while the rural index also rose by 1.56 per cent in November 2020, up by 0.08 from 1.48 per cent recorded in October 2020.”
It said the urban inflation rate increased by 15.47 per cent (year-on-year) in November 2020 from 14.81 per cent recorded in October 2020 while the rural inflation rate increased by 14.33 per cent in November 2020 from 13.68 percent in October 2020.
On a month-on-month basis, the headline inflation increased by 1.6 per cent in November 2020. This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).
Reacting to the development, a Professor of Capital Market and Finance at the Nasarawa State University, Uche Uwaleke, said the inflation figures for November are a reflection of the lingering impact of COVID’19 and legacy issues of insecurity, border closure, increase in VAT, hike in the pump price of fuel and exchange rate crisis.
An Economist with ActionAid Nigeria, Kenneth Okoinene regretted that the rise in prices would affect Nigerians as they celebrate Christmas and New Year.