Inflation hits 9.4 percent in November, says NBS
AFTER a brief respite in October where inflation rate dropped to 9.3 percent, the Consumer Price Index (CPI), which measures inflation indicated that in November prices of goods and services inched higher to 9.4 percent.
According to the November CPI report made available to The Guardian by the National Bureau of Statistics (NBS), the Headline index increased by 9.4 percent (year-on-year), marginally higher from the 9.3 percent rate recorded in October.
The bureau said that the price hike was driven in part by higher prices within the Food and Non-Alcoholic Beverages division as well as increases in the transportation division caused by shortages in Premium Motor Spirit (PMS), and its toll on movement of goods and services.
“The index was driven in part by higher prices within the Food and Non-Alcoholic Beverages division as well as increases in the Transportation division as a result of shortages in PMS coupled with the knock-on effect impacting transportation of people and goods across the country. Food prices as measured by the food sub-index also increased at higher pace in November,” the NBS said.
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