Slower Increases in Food, Commodity Prices Moderate Nigeria’s Inflation to 15.40%

The Consumer Price Index, (CPI) which measures inflation dropped to 15.40 per cent (year-on-year) in November 2021, compared to the 15.99 per cent recorded in the preceding month, the National Bureau of Statistics (NBS) stated yesterday.

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

Food inflation increased by 17.21 per cent in compared to 18.30 per cent growth rate in November 2020.

According to the CPI figures for November, which was posted on its website, the food index was influenced by increases in prices of bread and cereals, fish, food product, potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

Also, the core index, which excludes the prices of volatile agricultural produce stood at 13.85 per cent in November 2021, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.

On month-on-month basis, the core sub-index increased by 1.26 per cent in November 2021. This was up by 0.46 per cent when compared with 0.80 percent recorded in October 2021.

The core inflation witnessed highest increases in prices of gas, liquid fuel, other services, garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelries, clocks and watches, passenger transport by air, pharmaceutical products, appliances, articles and products for personal care.

Other are cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.

The average 12-month annual rate of change of the index was 12.96 per cent for the twelve-month period ending November 2021.

The urban inflation rate increased by 15.92 per cent (year-on-year) in November compared to15.47 per cent in November 2020, while the rural inflation rate increased by 14.89 per cent 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 percent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) percent.

The statistical agency noted that the corresponding 12-month year-on-year average percentage change for the urban index was 17.55 per cent in the review period.

This is higher than 17.53 percent reported in October 2021, while the corresponding

rural inflation rate in November 2021 is 16.42 percent compared to 16.39 percent recorded in October 2021.

James Emejo in Abuja

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