From Isaac Anumihe, Abuja
For seven months running (April to November), inflation rate which has maintained a deceleration trajectory, has again declined to 15.40 per cent in November 2021 from 15.99 per cent in October, 2021.
The trend include: April (18.12 per cent), May (17.93 per cent), June (17.75 per cent), July (17.38 per cent), August (17.01 per cent), September (16.63 per cent) and October (15.99 per cent).
The Statistician General of the Federation (SG), Dr Simon Harry, who released the figures, yesterday, in Abuja, said that this is 0.59 per cent points lower than the rate recorded in October, 2021.
“With this, it means that the declining trend for about eight months portends a positive signal. Given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level” Harry, who is also the Chief Executive Officer (CEO) of National Bureau of Statistics (NBS), said.
On month-on-month basis, the headline index rose by 1.08 per cent in November 2021, a 0.10 per cent rate higher than the rate recorded in October 2021 (0.98) per cent.
The food composite index, the SG, noted, rose by 17.21 per cent in November, 2021 compared to 18.30 per cent in November 2020.
The rise in the food index, the SG explained, was caused by increases in prices of bread and cereals, fish, food products such as potatoes, yams and other tubers. Others are oil and fats; milk, cheese, eggs, coffee, tea and cocoa.
“On 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 “all items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 per cent in November 2021, up by 0.61 per cent when compared with 11.05 per cent recorded in November 2020″ he said.
However, on 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 include garments, vehicle spare parts, 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” Harry stated.