The Nigeria’s annual inflation has slowed for the 10th consecutive period in November, easing to 15.90 per cent against15.91 per cent recorded in October 2017, the new report by the National Bureau of Statistics (NBS) on Monday has revealed.
The new food price index showed inflation at 20.30 per cent in November, compared to 20.31 per cent declared in the previous month.
The bureau in its Consumer Price Index (CPI) report on Monday said on a month-on-month basis, the headline index increased by 0.78 per cent in November 2017, 0.02 per cent points higher from the rate of 0.76 per cent recorded in October.
According to NBS report, the headline index is the first rise in month on month inflation following five consecutive month-on-month contraction in headline inflation since May 2017.
NBS said, “The percentage change in the average composite CPI for the 12 month period ending in November 2017 over the average of the CPI for the previous twelve month period was 16.76 per cent, showing 0.21 percent point lower from 16.97 per cent recorded in October 2017.”
On Urban inflation rate, the bureau said it rose by 16.27 per cent in November from 16.19 per cent recorded in October, while the rural inflation rate also eased by 15.59 per cent in November from 15.67 per cent in October.
“On month-on-month basis, the urban index rose by 0.85 percent in November, up by 0.03 from 0.82 percent recorded in October, while the rural index rose by 0.724 percent in November, up by 0.009 when compared with 0.715 percent in October.
“High year on year food prices and food price pressure continued into November though consistently at a slower pace month on month. The Food Index increased by 20.30 per cent (year-on-year) in November, down marginally by 0.01 per cent points from the rate recorded in October (20.31 per cent).
The Bureau disclosed that in November 2017, Bauchi, Nasarawa and Kebbi states had the highest inflation rate while Kogi and Delta States have the slowest rise in Inflation rate.
The NBS report said, “All items inflation on a year on year basis was highest in Bauchi (23.63per cent), Nasarawa (19.90%) and Kebbi (19.22per cent), while Kogi (11.27per cent), Edo (13.11per cent) and Delta States (13.75 per cent) recorded the slowest rise in headline Year on Year inflation.
“On a month on month basis however, November 2017 all items inflation was highest in Bauchi (1.6per cent), Katsina (1.44per cent) and Oyo (1.43per cent), while Plateau (0 per cent), Edo (0.07per cent) Benue (0.21per cent) recorded the lowest month on month all item inflation in November 2017
“In November 2017, food inflation on a year on year basis was highest in Kwara (28.11per cent), Ebonyi (25.03per cent) and Nasarawa (24.95per cent) while Kogi (13.25per cent), Benue (15.19per cent) and Bauchi (15.42per cent) and recorded the slowest rise in food inflation.
“On a month on month basis however, November 2017 food inflation was highest in Oyo and Ebonyi (1.96per cent), and FCT/Abuja (1.93per cent), while Akwa Ibom (-0.69per cent), Plateau (-0.13per cent), and Benue (-0.06per cent) which recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in November recorded the lowest food inflation in November 2017.”
In October, the statistic office had said that the figure showed 0.07 per cent points further drop in inflation rate, making it the ninth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017.
During the same period, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, said that he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018.
The bank has kept its main rate at 14 per cent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency.
However, the government wants to see interest rates come down to lower its borrowing cost and stimulate the economy. It repaid some treasury maturities last week.
The West African nation emerged from its first recession in 25 years in the second quarter as oil revenues rose, although the slow pace of growth suggests the recovery remains fragile.