Nigeria’s Inflation Rate Has Reached 15.40 Percent, Owing To High Food Prices.

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The National Bureau of Statistics reported Wednesday that Nigeria’s inflation rate fell for the eighth consecutive month in November, to 15.40%, from 15.99% a month earlier, despite a continuing rise in food prices.

According to the statistics office, consumer prices increased by 15.40% year on year in November 2021, as measured by the Consumer Price Index.

This is 0.51 percentage point higher than the rate in November 2020 (14.89%).

According to the report, “increases were recorded in all COICOP divisions that yielded the Headline index.”

“On a monthly basis, the Headline index increased by 1.08 percent in November 2021, which is 0.10 percent higher than the rate recorded in October 2021 (0.98% percent).”

According to the bureau, the composite food index increased by 17.21% in November 2021, compared to 18.30% in November 2020.

According to the NBS, the increase in the food index was caused by price increases in bread and cereals, fish, food products, potatoes, yam and other tubers, oil and fats, milk, cheese, and eggs, as well as coffee, tea, and cocoa.

It also stated that the food sub-index increased by 1.07 percent month on month in November 2021, up 0.16 percent points from 0.91 percent in October 2021.

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“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, 0.1% points lower than the waterage annual rate of change recorded in October 2021 (20.7%),” it said.

According to the report, the percentage change in the average composite CPI for the twelve months ending November 2021 over the average CPI for the previous twelve months period was 16.98%, a 0.02 percent point higher than the 16.96% recorded in October 2021.
“The urban inflation rate increased by 15.92% (year on year) in November 2021, up from 15.47% in November 2020, while the rural inflation rate increased by 14.89% in November 2021, up from 14.33% in November 2020.”

“On a month-to-month basis, the urban index increased by 1.12% in November 2021, increasing by 0.10 percent.”

“The rural index rose by 1.04 percent in November 2021, up 0.09 percent from the rate recorded in October 2021 (0.95 percent),” the report adds.