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For the seventh consecutive month running (April to November), Nigeria’s inflation rate 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, (18.12 per cent in April), 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 was 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, he explained, was caused by increases in prices of bread and cereals, fish, food products such as potatoes, yams and other tubers. Others are oils and fats; milk, cheese, eggs, coffee, tea and cocoa.
