By Dipo Olowookere
The National Bureau of Statistics (NBS) on Wednesday disclosed that inflation in Nigeria increased by 15.40 per cent compared with 15.99 per cent in October 2021 and 14.89 per cent in November 2020.
In the report, the agency also stated that the composite food index rose by 17.21 per cent last month compared with 18.30 per cent in the same period of last year, attributing the increase to hike in the prices of bread and cereals, fish, food product, potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.
According to the stats office, the percentage change in the average composite consumer price index (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 a 0.02 per cent point from 16.96 per cent recorded in October 2021.
As for the food sub-index, the NBS said the average annual rate of change for the 12-month period ending November 2021 over the previous 12-month average was 20.62 per cent, 0.13 per cent points lower from the average annual rate of change recorded in October 2021, which was at 20.75 per cent.
In the report, it was stated that last month, the urban inflation rate increased by 15.92 per cent in contrast to 15.47 per cent in November 2020, while the rural inflation rate increased by 14.89 per cent in November 2021 versus 14.33 per cent in the same period of 2020.
On a month-on-month basis, the urban index rose by 1.12 per cent in November 2021 compared with 1.02 per cent in October 2021, while the rural index rose by 1.04 per cent in November 2021 versus 0.95 per cent a month earlier.
According to the stats office, the corresponding 12-month year-on-year average percentage change for the urban index was 17.55 per cent in November 2021 as against 17.53 per cent in October 2021, while the corresponding rural inflation rate last month was 16.42 per cent compared to 16.39 per cent a month earlier.
