Nigeria’s inflation decelerates for seventh consecutive month to 15.4% in Nov

Nigeria’s inflation rate declined for the seventh consecutive month to 15.40 per cent in November from 15.99 per cent in October, the latest data from the National Bureau of Statistics (NBS) has shown.

The data showed that since March, the inflation figure has declined by around 2.77 percentage points from its peak of 18.17 per cent.

The report stated that the Consumer price index (CPI) which measures inflation increased by 15.40 per cent (year-on-year) in November 2021. This is 0.51 per cent points higher than the rate recorded in November 2020 (14.89) percent.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis, the Headline index increased by 1.08 percent in November 2021, this is 0.10 percent rate higher than the rate recorded in October 2021 (0.98) percent.

“The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 percent, showing 0.02 percent point from 16.96 percent recorded in October 2021.

“The urban inflation rate increased by 15.92 percent (year-on-year) in November 2021 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 per cent in November 2020.

“On a month-on-month basis, the urban index rose by 1.12 per cent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) percent, while the rural index also rose by 1.04 per cent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) per cent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.55 per cent in November 2021. This is higher than 17.53 per cent reported in October 2021, while the corresponding rural inflation rate in November 2021 is 16.42 per cent compared to 16.39 per cent recorded in October 2021,” the NBS stated.

NBS stated that the composite food index rose by 17.21 per cent in November 2021 compared to 18.30 percent in November 2020, attributing the rise in the food index to the increases in prices of Bread and cereals, Fish, Food products n.e.c, potatoes, yam and other tubers, Oil and fats, Milk, cheese and eggs and coffee, tea and cocoa.

On a month-on-month basis, the food sub-index increased by 1.07 per cent in November 2021, up by 0.16 percent points from 0.91 percent recorded in October 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending November 2021 over the previous twelve-month average was 20.62 percent, 0.13 percent points lower from the average annual rate of change recorded in October 2021 (20.75 percent).