Increase in food prices, transportation cost push inflation to 9.4%

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Statistician General NBS Yemi Kale

The Consumer Price Index (CPI) which measures inflation, rose to 9.4 per cent in November compared to 9.3 per cent in the previous month, according to the National Bureau of Statistics (NBS).

It attributed the rise in the index to higher prices in food and beverages as well as increases in the transportation division following shortages in petrol supply coupled with the knock on effect impacting transportation of people and goods across the country.

According to the CPI report for November, which was released by the statistical agency on Sunday, the food sub- index increased to 10.3 per cent (year-on- year) during the month or 0.2 per cent from the rates recorded in October.

The NBS said all the major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Fruits group which has been trending lower since June of this year.

It said: “In November, the highest price increases were recorded in Liquid Fuel (kerosene), Fuels and Lubricants for Personal Transport due to shortages, Spare Parts as a result of replacement costs, and passenger transport groups.

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