Despite a deceleration in the November Consumer Price Index (CPI) which measures inflation, according to the latest data from the National Bureau of Statistics (NBS), food prices, as well as prices of gas, liquid fuel, transportation costs by air and road, continued to witness a spike.
Specifically, 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.
The statistics office noted that the prices of goods and services, measured by the Consumer Price Index, increased by 15.40 per cent (year-on-year) in November 2021 and 0.51 per cent points higher than the rate recorded in November 2020 (14.89) per cent.
On a month-on-month basis, the core sub-index increased by 1.26 per cent in November 2021. This was down by 0.46 per cent when compared with 0.80 per cent recorded in October 2021.
The highest increases were recorded in prices of gas, liquid fuel, other services, garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewellery clocks and watches, passenger transport by air, pharmaceutical products, appliances, articles and products for personal care, cleaning, repair and hire of clothing and Fuels and lubricants for personal transport equipment.
“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 per cent in November 2021, this is 0.10 per cent higher than the rate recorded in October 2021 (0.98) per cent”, the report said.
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, 0.13 per cent points lower from the average 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.