New Telegraph

Inflation plunges to 15.4% in November –NBS

The Consumer Price Index (CPI) commonly known inflation continued its nosedive in November, settling at 15.40 per cent, lower than October’s figure of 15.99 per cent. Statistician General of the Federation/Chief Executive of National Bureau of Statistics (NBS), Dr. Simon B. Harry, confirmed the figure in Abuja on Thursday at the monthly briefing on inflation.

The latest drop, 0.51 per cent, represents seven months of consistent decline, effective April this year when the downward trend began. Notwithstanding tge consistentdropininflation, prices of food items experienced increase in November, according to NBS’ report. Food commodities experienced surge in prices. Food items like bread and cereals, fish, potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa experienced increase in prices.

“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 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 rate recorded in October 2021 (1.02) per cent, 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 12 months 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,” NBS data obtained showed. The core inflation, which excludes prices of volatile agricultural produce stood at 13.85 per cent in November 2021, up by 0.61 per cent when compared with 11.05 per cent recorded in November 2020.

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