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Inflation Rate Drops To 15.40% In November- NBS

Oluwasina Phillip

The Consumer Price Index which measures inflation, continued its downward trend in the month of November settling at 15.40 percent, lower than October figure of 15.99 percent.

Statistician General of the Federation/ Chief Executive of National Bureau of Statistics (NBS) Dr. Simon B. Harry confirmed the figure in Abuja on Wednesday at the monthly briefing on inflation.

The drop represents seven months of consistent decline, from April this year when the inflation downward trend began.

 He said, “The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 percent, showing 0.02 percent point from 16.96 percent recorded in October 2021.

“The urban inflation rate increased by 15.92 percent (year-on-year) in November 2021 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 percent in November 2020.

“On a month-on-month basis, the urban index rose by 1.12 percent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) percent, while the rural index also rose by 1.04 percent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) percent.”

The highest increases were recorded in prices of gas, liquid fuel and other services like garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks and watches, 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.

He said inflation rate was highest in Gombe (18.54%), Jigawa(17.54%) and Nasarawa (17.43%), while Kwara (11.73%) , River (13.36%) and Edo (13.50%) recorded the slowest rise in headline inflation.

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