Nigeria Inflation Hits 15.40% amid High Prices

Nigeria’s inflation rate fell for the eighth consecutive month in November to 15.40 per cent from 15.99 per cent 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 per cent (year-on-year) in November 2021.

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

“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 per cent in November 2021, this is 0.10 per cent rate higher than the rate recorded in October 2021 (0.98) per cent.”

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

It added that on a month-on-month basis, the food sub-index increased by 1.07 per cent in November 2021, up by 0.16 per cent points from 0.91 per cent 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 per cent, 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 per cent, showing a 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 report added.