The Consumer Price Index (CPI), which measures inflation, further increased to 11.85 per cent (year-on-year) in November compared to 11.61 per cent in the preceding month, according to the National Bureau of Statistics (NBS).
The department, according to some analysts signpost Central Bank of Nigeria (CBN) losing the battle against rising prices of food stuffs with the attendant impoverishment of Nigerians.
CBN had for the past years forecasted inflation range of between 6 to 9 percent threshold, a feat, it had consistently failed to achieve, painting a gloomy picture for the economy in 2020.
The NBS stated that increases were recorded in all the divisions that determine the headline index.
Food inflation rose to 14.48 per cent, compared to 14.09 per cent in the preceding month.
Core inflation also increased by 0.11 per cent to 8.99 per cent in November.
On month-on-month basis, the headline index increased by 1.02 per cent in November, which is 0.05 per cent rate lower than the 1.07 per cent recorded in October.
