Bread, cereals, Milk, cheese, egg, increases food prices by 13.3% in November 2018

Bread, cereals, Milk, cheese, egg, Fish, Vegetables, Fruits, Oil and fats, Potatoes, yam and other tubers were the food items that increased food prices by 13.3 percent in November 2018, according to the National Bureau of Statistics (NBS) inflation report.

From the NBS report, food prices rose marginally by 13.30 percent in November 2018 compared to 13.28 percent in October and on a (month-on-month) basis, the food sub-index increased by 0.90 percent in November 2018, up by 0.08 percent points from 0.82 percent recorded in October 2018.

Africanfarmer Mogaji, CEO of X-Ray Farms Consulting said, “It is normal for these food prices to increase e.g. potatoes are expensive because it is off season and also the festive period we are in contributes to the increase.”

Interestingly, the NBS inflation rate for November corresponded to FSDH Merchant Bank Limited forecast inflation rate of 11.28 percent .

“We noticed here that usually end of the year purchases will increase inflation from 11.26 in october to 11.28 percent in November and our estimate for inflation rate for December is 11.63 percent,” Ayo Akinwunmi, Head of Research, FSDH Merchant Bank, said to BusinessDay in a telephone interview

From the NBS, the inflation rate for goods and services increased marginally on a (month-on-month) basis by 0.02 percentage points to 11.28 percent in November 2018 from 11.26 percent in October 2018.

Bunmi Bailey