Prices continue to soar as NBS says inflation dropped in Nov

The inflation rate in Nigeria fell in November to 15.40 per cent (year-on-year), the lowest since December last year, according to the National Bureau of Statistics.

The NBS, in its Consumer Price Index report on Wednesday, said the inflation rate fell by 0.59 per cent from 15.99 per cent in October.

The drop in headline inflation began in April when it fell to 18.12 per cent from 18.17 per cent in March.

The NBS said on a month-on-month basis, the headline index increased by 1.08 per cent in November, which is 0.10 per cent higher than the rate recorded in October.
The percentage change in the average composite CPI for the 12 months period ending November 2021 over the average of the CPI for the previous 12 months period was 16.98 per cent, showing 0.02 per cent point from 16.96 per cent recorded in October 2021,” it said.

It said urban inflation rate increased by 15.92 per cent (year-on-year) in November from 15.47 per cent 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.

The rural index also rose by 1.04 per cent in November, compared to 0.95 per cent in October.
The NBS disclosed that composite food index rose by 17.21 per cent in November 2020, compared to 18.30 per cent in November 2020.

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