Nigeria’s Inflation rate down 10 times in a row, says NBS

Nigeria’s Consumer Price Index (CPI), which measures inflation, decreased to 15.90 per cent making it 0.01 per cent lower than the 15.91 per cent recorded in October, 2017.

The National Bureau of Statistics (NBS), which stated this in a report published on it’s website, however said despite the month-on-month decrease, the inflation rate increased year-on-year by 15.90 per cent in November 2017.

The report said: “Increases were recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yield the Headline Index. On a month-on-month basis, the Headline index increased by 0.78 per cent in November 2017, 0.02 per cent points higher from the rate of 0.76 per cent recorded in October.

NBS said this represents the first rise in month-on-month inflation following five consecutive months on month contraction in headline inflation since May 2017.

It pointed out that the percentage change in the average composite CPI for the twelve month period ending in November 2017 over the average of the CPI for the previous twelve month period was 16.76 per cent, showing 0.21 per cent point lower from 16.97 per cent recorded in October 2017.

ALSO SEE: $1bn ECA Controversy: FG begins damage control

The report added that urban inflation rate rose by 16.27 per cent year-on-year in November from 16.19 per cent recorded in October, while the rural inflation rate also eased by 15.59 per cent in November from 15.67 per cent in October.

On month-on-month basis, the report indicated, the urban index rose by 0.85 per cent in November, up by 0.03 from 0.82 per cent recorded in October, while the rural index rose by 0.724 per cent in November, up by 0.009 when compared with 0.715 per cent in October.

The corresponding twelve month year-on-year average percentage change for the urban index is 17.26 per cent in November.

This is less than 17.57 per cent reported in October 2017, while the corresponding rural inflation rate in November is 16.29 per cent compared to 16.41 percent recorded in October 2017.

High year-on-year food prices and food price pressure continued into November though consistently at a slower pace month-on-month.

The Food Index decreased marginally by 0.01 per cent from the 20.31 recorded in October and increased by 20.30 per cent year-on-year in November 2017, NBS said.

On a month-on-month basis, the Food sub-index increased to 0.88 per cent in November, causing a 0.03 per cent increase from the 0.85 per cent recorded in October, 2017.