More than 82 million Nigerians, who live on less than $1 a day, are finding it difficult to eat a basic three square meal as the food inflation in November hits 18.30 percent in November 2020 compared to 17.38 percent in October 2020.
The latest data by the National Bureau of Statistics recorded that the rise in the food index was caused by increases in prices of Bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats.
Inflation rate also increased by 14.89 percent in November 2020. This is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 percent).
“On a month-on-month basis, the urban index rose by 1.65 percent in November 2020, up by 0.05, from 1.60 percent recorded in October 2020, while the rural index also rose by 1.56 percent in November 2020, up by 0.08 from 1.48 percent recorded in October 2020.
“The urban inflation rate increased by 15.47 percent (year-on-year) in November 2020 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 14.33 percent in November 2020 from 13.68 percent in October 2020.”
“On a month-on-month basis, the food sub-index increased by 2.04 percent in November 2020, up by 0.08 percent points from 1.96 percent recorded in October 2020. The average annual rate of change of the Food sub-index for the twelve-month period ending November 2020 over the previous twelve-month average was 15.75 percent, 0.33 percent points from the average annual rate of change recorded in October 2020 (15.42 percent)”, NBS published.
However, all items less farm produce which excludes the prices of volatile agricultural produce stood at 11.05 percent in November 2020, down by 0.09 percent when compared with 11.14 percent recorded in October 2020.
The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Repair of furniture, Passenger transport by road, Maintenance and repair of personal transport equipment, vehicle spare parts, Hairdressing salons and personal grooming establishments, Pharmaceutical products, Paramedical services and Motor cars.