Nigeria’s inflation rate has dropped to 15.90 per cent in November from 15.91 recorded in October. The National Bureau of Statistics (NBS) stated this in its latest report released in Abuja and made available to Economic Confidential.
“The last inflation report to be published in 2017 today shows inflation dropped again making it the tenth consecutive disinflation (slowdown in the inflation rate) in headline year on year inflation since January 2017 as the inflation rate dropped marginally to 15.90% from 15.91% in October.
On a month-on-month basis, the Headline index increased by 0.78 percent in November 2017, from the rate of 0.76 percent recorded in October. This represents the first rise in month on month inflation following five consecutive months on month contraction in headline inflation since May 2017.
The Food Index increased by 20.30 percent (year-on-year) in November, from the rate recorded in October (20.31 percent).
On a month-on-month basis, the Food sub-index increased by 0.88 percent in November, from 0.85 percent recorded in October. This represents the first rise in months on month rise following five consecutive disinflation in month on month food inflation since a 2017 high of 2.57% in May 2017.
The Core sub-index, which excludes the prices of volatile agricultural, stood during the month of November at 12.20 percent points, up from 12.14 percent recorded in October as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.77 percent in November, higher from 0.76 percent recorded in October.
On a State by State basis, overall inflation pressure was highest in Bauchi, Nasarawa and Kebbi while food inflation pressure was highest in Kwara, Ebonyi and Nasarawa.
