The National Bureau of Statistics (NBS) has said that he inflation rate in Nigeria fell in November to 15.40 percent (year-on-year), the lowest since December last year.
The NBS said in its monthly report on Consumer Price Index, which measures inflation, on Wednesday in Abuja that the inflation rate fell by 0.59 percent from 15.99 percent recorded in October this year.
According to the report, the drop in headline inflation began in April when it fell to 18.12 percent from 18.17 percent in March.
On a month-on-month basis, the NBS said that the headline index increased by 1.08 percent in November, which is 0.10 percent 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 percent, showing 0.02 percent point from 16.96 percent recorded in October 2021,” local media reports quoted the NBS as saying.
It added urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 percent in November 2020.
It explained that rural index also rose by 1.04 percent in November, compared to 0.95 percent in October, while the composite food index rose by 17.21 percent in November 2020, compared to 18.30 percent in November 2020.
GIK/APA