Experts forecast stable inflation Rate for November

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Experts at FSDH have predicted that inflation rate for November will remain stable at 9.3 per cent when it is released.

They noted slower increase in prices of food and non-food items, except for hike in transportation due to the fuel shortage that persisted for long.

The National Bureau of Statistics’ (NBS) is expected to release its monthly inflation rate for the month of November 2015 in few days.

The Bureau in October had pegged the nation’s inflation rate at 9.3 per cent, marginally lower from 9.4 per cent recorded in September 2015.

According to FSHD report, the value of the Naira appreciated marginally against the US Dollar by 0.01per cent in the month of November from $/N199.10 to $/N199.08.

“The value of the Naira lost by 5.41per cent in the parallel segment from $/N230.80 to $/N244.00. The drop in the international prices of food moderated the effect of the depreciation in the value of Naira at the parallel market on local prices,” it noted.

The prices of food items that FSDH Research monitored in November 2015 moved in different directions.

The prices of food items monitored include, “onions, Irish and sweet potatoes, rice and palm oil increased by 22.5per cent, 11.11per cent, 7.14per cent, 5.85per cent and 3.85per cent respectively.

However, the price of yam, garri, vegetable oil and fish fell by 20.83per cent, 20per cent, 10per cent and 8.66per cent respectively. Meanwhile, the prices of tomatoes, beans and meat remained unchanged.”

The report from FSDH also noted movement in the prices of food items during the month resulted in 0.57per cent increase in our Food and Non-Alcoholic Index to basis 183.13 points.

“We also noticed an increase in the prices of Transportation; Housing, Water, Electricity Gas and other Fuel between October and November 2015,” the report from FSDH added.

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