Nigeria's Inflation Rate Decreased to 15.40% in November – NBS


Alt: = "food items"

Consumer Price Index for November, 2021 released by Nigerian Bureau of Statistics, NBS shows that headline inflation decreased by 0.59% to 15.40%.

The Statistician-General of the Federation, Simon Harry announced this on Wednesday during a media conference, stating that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).

Headline inflation is the total inflation in an economy, including inflation in “a basket of goods that includes commodities like food and energy.”

The NBS noted that there had been a consistent decrease in the inflation rate in the last eight months, and the figure for November is a decrease from the 15.99% recorded in October.

“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level,”  Mr Harry explained.

According to NBS boss, on a month-on-month basis, the headline index increased by 1.08 per cent in November, which was 0.10% higher than the 0.98% recorded in October.

On year-on-year, urban inflation rate increased by 15.92% in November from 15.47% recorded in November 2020, while the rural inflation rate increased by 14.89% in November from 14.33% in November 2020.

On a month-on-month basis, however, the urban index rose by 1.12% in November, up by 0.10% from the 1.02% recorded in October. The rural index also rose by 1.04 per cent in November, up by 0.09% from the 0.95% rate recorded in October.

He added that the composite food index rose by 17.21% in November compared to 18.30% in November 2020.

The increases in prices of food items such as bread and cereals, fish, oil and fats, milk, cheese, eggs, coffee, tea, cocoa, potatoes, yam and other tubers, led to the rise in food index.

However, on a month-on-month basis, the food sub-index increased by 1.07% in November, up by 0.16% points from 0.9% recorded in October.

Also, the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce, stood at 13.85% in November, up by 0.61 per cent compared with 11.05% recorded in November 2020, according to the NBS.

Mr Harry added that the core sub-index increased by 1.26% on a month-on-month basis in November.

“This was down by 0.46 per cent when compared with 0.80 per cent recorded in October. The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewellery, clocks and watches,” he explained. “Others are passenger transport by air, pharmaceutical products, appliances, articles and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”

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