Nigeria’s Inflation Rate Drops To 15.40% In November

16 Dec Nigeria’s Inflation Rate Drops To 15.40% In November

Nigeria’s inflation rate fell for the eighth consecutive month in November 2021 to 15.40 percent from 15.99 percent recorded a month earlier. This was amid continuing increases in food prices, the National Bureau of Statistics (NBS) said Wednesday. The composite food index rose by 17.21 per cent in November 2021, compared to 18.30 per cent in November 2020.

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

According to the NBS, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product, potatoes, yam and other tubers, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

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

“The average annual rate of change of the Food sub-index for the twelve months ending November 2021 over the previous twelve-month average was 20.62 per cent, 0.1per cent points lower from the waterage annual rate of change recorded in October 2021 (20.7per cent),” it said.

The report added that the percentage change in the average composite CPI for the twelve months ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 per cent, showing a 0.02 per cent point from 16.96 per cent recorded in October 2021.

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