The National Bureau of Statistics (NBS) says the inflation rate, measured by the Consumer Price Index (CPI), has increased by 11.28 per cent (year-on-year) in November 2018. This is 0.02 per cent points higher than the rate recorded in October 2018 (11.26) per cent.
Increases were recorded in all COICOP divisions that yielded the Headline index.
According to the bureau, increases were recorded in all COICOP divisions that yielded the Headline index.
The NBS disclosed this in its CPI report for November 2018 released on Friday in Abuja and made available to Brand Spur Nigeria.
On month-on-month basis, the Headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent.
The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous twelve months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.
The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018.
On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index was 12.83 percent in November 2018. This is less than 13.21 percent reported in October 2018, while the corresponding rural inflation rate in November 2018 was 12.05 percent compared to 12.42 percent recorded in October 2018.
Food Index
The composite food index rose by 13.30 percent in November 2018 compared to 13.28 percent in October 2018.
This rise in the food index was caused by increases in prices of Bread and cereals, Milk, cheese and egg, Fish, Vegetables, Fruits, Oil and fats, Potatoes, yam and other tubers.
On month-on-month basis, the food sub-index increased by 0.90 percent in November 2018, up by 0.08 percent points from 0.82 percent recorded in October 2018.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2018 over the previous twelve-month average was 14.80 percent, 0.56 percent points lower from the average annual rate of change recorded in October (15.36) percent.
All Items Less Farm Produce
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural products stood at 9.8 percent in November 2018, down by 0.1 percent from the rate recorded in October 2018 (9.9) percent.
On month-on-month basis, the core sub-index increased by 0.68 percent in November 2018. This was down by 0.12 percent when compared with 0.80 percent recorded in October 2018.
The highest increases were recorded in prices of major household appliances, Fuels and lubricants for personal transport equipment, Repair of household appliances, Dental services, Domestic services and household services, Medical services, Hospital services, Vehicle spare parts, Shoes and other footwear, and cleaning, repair and hire of clothing.
The average 12-month annual rate of change of the index was 10.70 percent for the twelve-month period ending November 2018; this is 0.2 percent points lower than 10.90 percent recorded in October 2018.
State Profiles
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation
In November 2018, all items inflation on year on year basis was highest in Rivers (13.09%), Taraba (12.99%) and Ekiti (12.70%), while Ogun (9.52%), Kwara (8.74%) and Cross River (8.72%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, November 2018 all items inflation was highest in Edo (2.18%), Nasarawa (1.46%), and Kwara (1.39%), while yobe (0.29%), Abia (0.28%) and jigawa (0.02%) had the least with Kogi recording negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.
Food Inflation
In November 2018, food inflation on a year on year basis was highest in Edo (16.52%), Imo (15.40%) and Bayelsa (15.36%), while Kogi (11.50%), Abia (11.24%) and Oyo (10.84%) recorded the slowest rise in food inflation.
On month on month basis however, November 2018 food inflation was highest in Edo (2.68%), Kwara (2.67%) and Nasarawa (2.16%), while Bayelsa, Delta, Ebonyi, Kaduna, Kogi, Taraba and Yobe all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.
