Prices of goods and services moderated further in Africa’s largest economy Nigeria in the month of November, according to the latest report from the National Bureau of Statistics (NBS).
Consumer Price Index, which measures inflation, grew by 15.40 percent year on year in November 2021, an increase of 0.51 percent when compared to 14.89 percent recorded in November 2020.
On a monthly basis, inflation rose at a faster pace in November, rising by 1.08 percent. An increase of 0.10 percent rate from the 0.98 percent filed in October 2021.
The food sub-index increased at a slower pace of 17.21 percent year-on-year in November 2021. The report noted that the increase in prices was caused by rising in prices of Bread and cereals, Fish, Food product n.e.c, Potatoes, yam and other tuber, Oil and fats, Milk, cheese and eggs and Coffee, tea and cocoa.
On a month-on-month basis, the food sub-index increased by 1.07 percent in November 2021, up by 0.16 percent points from 0.91 percent recorded in October 2021.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2021 over the previous twelve-month average was 20.62 percent, 0.13 percent points lower from the average annual rate of change recorded in October 2021 (20.75 percent).
