Nigeria Inflation Hits 18.48%

Nigeria’s inflation continued an upward swing in November, reaching 18.48 per cent, from 18.33 percent recorded in October, the National Bureau of Statistics said in its latest consumer price index report released Thursday.
When compared month-to-month, the November-October phase shows a fall of 0.78 per cent, compared to October-September phase that had a 0.83 per cent rise.
The report said year-on-year inflation increased from 18.1 per cent in October to 18.2 per cent in November.
The report said price movements were recorded by all items.
Some of the items include clothing materials, needed to celebrate Christmas and New Year; liquid fuels, for transportation; passenger transportation by air, motorcycle, shoes and other footwear.
The Food sub-index increased by 0.10 percentage points from rates recorded in October (17.09 percent) to 17.19 per cent (year-on-year) in November.
Similarly, under the all major food group, the report said the highest increases in inflation index were recorded in bread and cereals, oil and fats, fish and meat, apparently preparatory for the coming festive season.
During the month, all major food sub-indices increased, with soft drinks recording the slowest pace of
increase at 7.76 percent year on year.A look at the urban and rural indices showed that the urban index grew from 19.9 per cent in October to 21.1 per cent in November, against the rural index, which rose from 16.9 per cent in October to 17.1 per cent in November.
On a month-on-month basis, while the urban index declined from 0.84 per cent in October to 0.79 per cent, rural index fell from 0.81 per cent in October to 0.78 per cent in November.
The NBS said communication and insurance recorded the slowest pace of growth in November, growing at about 5.61 percent and 6.76 percent year-on-year respectively.
During the month, the highest increases were found in housing, water, electricity, gas and other fuels, clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear.
On a month-on-month basis, the headline index increased 0.78 percentage points in November, 0.05
percentage points lower than the rate recorded in October (0.83 percent).
The NBS said the headline index consist of the core index and farm produce items.
As processed foods are included in both the core and food sub-indices, the bureau said these sub-
indices were not mutually-exclusive.
The urban index rose by 20.07 percent (year-on-year) in November from 19.91 percent recorded in October, with the rural index increasing by 17.1 per cent in November, from 16.95 percent in October.
On month-on-month basis, the urban index eased by 0.03 percent, while the rural index was also down by 0.05 percent.
The percentage change in the average composite CPI for the 12-month period ending in November 2016 over the average of the CPI for the previous 12-month period was 15 percent, higher from 14.2 per cent recorded in October.
The corresponding 12-month year-on-year average percentage change for the urban index increased from 15.32 per cent in October to 16.19 percent in November, while the corresponding rural index
also increased from 13.25 percent in October to 13.9 percent in November.
With the composite food index rising by 17.19 percent in November 2016, the NBS said a rise in the index was mainly driven by increase in prices of imported foods, meat, bread and cereals and fish.
On a month-on-month basis, the food sub-index increased by 0.88 per cent in November, from 0.86 percent recorded in October.
The average annual rate of change of the food sub-index for the 12-month period ending in November
2016 over the previous 12-month average was 14.39 percent (0.57 per cent) points from the average annual rate of change recorded in October (13.82 percent).
The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce increased by 18.2 per cent during the month, 0.10 percentage points lower from the rate (18.10) recorded in October as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index rose by 0.71 percent in November, down by 0.04 percentage points from the 0.75 percent recorded in October.
In November, the highest price increases were reported in Housing, Water, Electricity, Gas and
Other Fuels, Clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear.
The average 12-month annual rate of rise of the index was recorded at 14.54 percent for the twelve-month period ending in November 2016, 0.79 percent points higher from the twelve-month rate of change recorded in October.

Author: NewsAdmin

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