Inflation Increases By 15.40% In November 2021

The consumer price index, which measures inflation, increased by 15.40 percent  in November 2021.

This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent.  

On a month-on-month basis, the index increased by 1.08 percent in November 2021, this is 0.10 percent higher than the rate recorded in October 2021 (0.98) percent.

The urban inflation rate increased by 15.92 percent (year-on-year) in November 2021 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 percent in November 2020.

On a month-on-month basis, the urban index rose by 1.12 percent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) percent, while the rural index also rose by 1.04 percent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) percent. 

Food Index

The composite food index rose by 17.21 percent in November 2021 compared to 18.30 percent in November 2020. This rise in the food index was caused by increases 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.

In November 2021, food inflation on a year on year basis was highest in Gombe (21.83%), Kogi (21.09%) and Nasarawa (20.48%), while Edo (14.12%), Rivers (14.31%) and Osun (14.45%) recorded the slowest rise in year on year food inflation. On month on month basis however, November 2021 food inflation was highest in Enugu (2.59%), Imo (2.31%) and Ekiti (2.01%), while Jigawa (0.27%), Ogun (0.36%) recorded the slowest rise in inflation on month on month with Akwa Ibom recording price deflation or negative inflation (decrease in the general price level of food or a negative food inflation rate).

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.

Breakdown Analysis By States

In November 2021, all items inflation on year on year basis was highest in Gombe (18.54%), Jigawa (17.54%) and Nasarawa (17.43%), while Kwara (11.73%) , River (13.36%) and Edo (13.50%) recorded the slowest rise in headline Year on Year inflation. On month on month basis however, November 2021, recorded the highest increases in Cross River (2.38%), Enugu (1.94%) and Ekiti (1.89%), while Bauchi (0.10%), Akwa Ibom (0.22%) and Ebonyi (0.38%) recorded the slowest rise in headline month on month inflation.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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