Nigeria’s Inflation Cools Further

• Nigeria’s Inflation Rate Cools Further

The cost of goods in Africa’s largest economy decline for the tenth consecutive month in November, according to the National Bureau of Statistics report released on Wednesday.

Consumer Price Index, which measures inflation rate declined slightly in the month from 15.91 percent year-on-year in October to 15.90 percent in November. Suggesting that pace of improvement is slowing down when the last 6 months figures are evaluated.

On a monthly basis, consumer prices increased by 0.78 percent in November, up from 0.76 percent reported in October. This is the first month on month increase in headline inflation since May 2017.

Also, the report showed increases were recorded in all glossary: Classification of Individual Consumption by Purpose (COICOP) divisions, validating lackluster improvement and weak growth, especially during Christmas period. This could jump to record high in December with the ongoing fuel scarcity and the continuous surge in food prices.

The Food Index climbed by 20.30 percent year-on-year in November, 0.01 percent points down from 20.31 percent recorded in October.

On a monthly basis, the Food sub-index rose 0.88 percent in November, up 0.03 percent from 0.85 percent recorded in October. Also, while this represents the first rise in the month on month data following five consecutive declines since  May 2017, the overall food index remains very high at 20.30 percent.