NBS says Consumer Price Index down 0.59%
By Jeph Ajobaju, Chief Copy Editor
Inflation rate slashed 0.59 percentage points from 15.99 per cent in October to 15.40 per cent in November but without a drop in the price of major household items, continuing a trajectory that began in April.
Drop in headline inflation began in April when it reduced to 18.12 per cent from 18.17 per cent in March. The latest National Bureau of Statistics (NBS) data says it rose 1.08 per cent in November, 0.10 points above October rate.
“The percentage change in the average composite CPI for the 12 months period ending November 2021 over the average of the CPI for the previous 12 months period was 16.98 per cent, showing 0.02 per cent point from 16.96 per cent recorded in October 2021,” the NBC said.
Urban inflation jumped to 15.92 per cent in November 2021 from 15.47 per cent in November 2020, rural inflation increased to 14.89 per cent from 14.33 per cent.
The rural index rose 1.04 per cent in November against 0.95 per cent in October.
The NBS said inflation rate at 15.40 per cent is the lowest since November 2020 when the Consumer Price Index (CPI) rose 14.89 per cent, per Nairametrics.
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Food inflation
Food inflation reduced to 17.21 per cent in November 2021 from 18.34 per cent in October 2021. Food inflation dropped to its lowest level in 14 months, according to the NBS.
The food sub-index increased by 1.07 per cent in November 2021 up 0.16 per centage points from 0.91 per cent in October 2021.
The rise in the food index was caused by increases in the 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.
Core inflation
The “All items less farm produce” also known as core inflation – which excludes the prices of volatile agricultural produce – was 13.85 per cent in November against 13.24 per cent in October.
The highest increases were recorded in the prices of
- gas, liquid fuel, other services, garments, vehicle spare parts,
- passenger transport by road, non-durable household goods,
- jewellery clocks and watches,
- passenger transport by air, pharmaceutical products,
- appliances, articles and products for personal care, cleaning,
- repair and hire of clothing and fuels lubricants for personal transport equipment.
Highest state inflation
All items inflation year-on-year was highest in
- Gombe (18.54 per cent)
- Jigawa (17.54 per cent)
- Nasarawa (17.43 per cent)
Lowest state inflation
- Kwara (11.73 per cent)
- River (13.36 per cent)
- Edo (13.50 per cent)
Highest food inflation
- Gombe (21.83 per cent)
- Kogi (21.09 per cent)
- Nasarawa State (20.48 per cent)
Lowest food inflation
- Edo (14.12 per cent)
- Rivers (14.31 per cent)
- Osun (14.45 per cent)