Nigeria inflation hits 15.4% amid high food prices

Inflation

Nigeria’s inflation rate fell for the eighth consecutive month in November to 15.40 percent from 15.99 percent recorded a month earlier amid a continuing increase in food prices, the National Bureau of Statistics said Wednesday.

The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.40 percent (year-on-year) in November 2021.

This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent.

“Increases were recorded in all COICOP divisions that yielded the Headline index,” the report said.

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

The bureau said the composite food index rose by 17.21 percent in November 2021 compared to 18.30 percent in November 2020.

According to the NBS, this 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.

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It added that on a month-on-month basis, the food sub-index increased by 1.07 percent in November 2021, up by 0.16 percent points from 0.91 percent 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 percent, 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 percent, showing a 0.02 percent point from 16.96 percent recorded in October 2021.

“The urban inflation rate increased by 15.92 percent (year-on-year) in November 2021 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 percent in November 2020.

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“On a month-on-month basis, the urban index rose by 1.12 percent 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 report added.


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By Amos Kalu
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