Headline inflation decreased by 0.59 per cent to 15.40 per cent in November, the Statistician-General of the Federation, Simon Harry, says.
Mr Harry, who announced this on Wednesday during a media conference, stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).
Headline inflation is the total inflation in an economy, including inflation in “a basket of goods that includes commodities like food and energy.”
The NBS noted that there had been a consistent decrease in the inflation rate in the last eight months, and the figure for November is a decrease from the 15.99 per cent recorded in October.
“With this, it means that the declining trend for about eight months portends a positive signal given the favorable economic conditions, the rate of inflation in Nigeria would come down to a bearable level,” added Mr Harry.
Harry explained that on a month-on-month basis, the headline index increased by 1.08 per cent in November, which was 0.10 per cent higher than the 0.98 per cent recorded in October.
The urban inflation rate increased by 15.92 per cent (year-on-year) in November from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 14.89 per cent in November from 14.33 per cent in November 2020.
On a month-on-month basis, however, the urban index rose by 1.12 per cent in November, up by 0.10 per cent from the 1.02 per cent recorded in October. The rural index also rose by 1.04 per cent in November, up by 0.09 per cent from the 0.95 per cent rate recorded in October.
He also mentioned that the composite food index rose by 17.21 per cent in November compared to 18.30 per cent in November 2020.
According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, oil and fats, milk, cheese, eggs, coffee, tea, cocoa, potatoes, yam and other tubers,
However, on a month-on-month basis, the food sub-index increased by 1.07 per cent in November, up by 0.16 per cent points from 0.91 per cent recorded in October.
Also, the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce, stood at 13.85 per cent in November, up by 0.61 per cent compared with 11.05 per cent recorded in November 2020, according to the NBS.
Mr Harry added that the core sub-index increased by 1.26 per cent on a month-on-month basis in November.
“This was down by 0.46 per cent when compared with 0.80 per cent recorded in October. The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks and watches,” he explained. “Others are 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.”
(NAN)
