Nigeria’s inflation rate drops to 15.4% – NBS

Nigeria’s annual inflation rate has dropped for the seventh straight month to 15.4 per cent in November as against 15.99 percent reported in the previous month.

This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released by the agency on Wednesday.

The new figure represents a 2.77 percentage point decline since March when the inflation rate hit 18.17 per cent.

“The consumer price index, (CPI) which measures inflation increased by 15.40 per cent (year-on-year) in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) per cent,” the report added.

“Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.08 percent in November 2021, this is a 0.10 per cent rate higher than the rate recorded in October 2021 (0.98) per cent.

“The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 per cent, showing 0.02 percent point from 16.96 per cent recorded in October 2021.”

Furthermore, the NBS report indicated that the urban inflation rate rose by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent in November 2020.

This is just as the rural inflation level jumped 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,” it added.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.55 percent 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 percent compared to 16.39 per cent recorded in October 2021.”