By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Consumer Price Index (CPI) eased to 7.9 percent year-on-year (YoY) in November from 8.1 percent recorded in October for the third consecutive month, a latest report from the National Bureau of Statistics (NBS) said on Sunday.
‘’The slower pace of price increases recorded by the headline index was as a result of a slower rise in food prices as well as other divisions that yield the headline index,’’ the NBS said.
The statistics bureau said food inflation declined to 9.1 percent from 9.3 percent also for the third consecutive month.
According to the NBS, while the majority of groups that contribute to the food index declined, price increases were observed in the Vegetables and Coffee, Tea and Cocoa groups. ‘’Meats increased at roughly the same pace relative to October,’’ the report noted.
The Nigeria’s statistics bureau affirmed that price movements recorded by the “All Items less Farm Produce” or Core sub-index moved at roughly the same pace for the fourth consecutive month at 6.3 percent (year-on-year).
Also, the NBS disclosed that increases were observed in the Liquid and Solid Fuels, Non-durable Household Goods, Garments, and Passenger Transport by Road groups. ‘’Other groups and Divisions that contribute to the index exhibited slower increases,’’ the NBS added.
The report said headline climbed up by 0.59 percent (month-on-month) in November, marginally higher from 0.51 recorded in October. It revealed that prices increased in most Classification of individual consumption by purpose (COICOP) divisions that yield the headline index prices but eased in the Education, Restaurants and Hotels, Alcoholic Beverages, and Tobacco and Narcotics Divisions.
The NBS further affirmed that year-on-year (YoY), the pace of increase of both Urban and Rural prices eased for the third consecutive month in November.
It disclosed the Urban Composite CPI rose by 7.9 percent, down by 0.2 percentage points from October, while the Rural Composite CPI eased marginally, rising by 7.9 percent in November.
‘’The percentage change in the average composite CPI for the twelve-month period ending in November over the average of the CPI for the previous twelve-month period was recorded at 8.0 percent. The corresponding 12-month year-on-year average percentage change for the Urban index was 8.2 percent in November unchanged from rates recorded in October, while the corresponding Rural index was also unchanged in November increasing by 7.9 percent,’’ the NBS said.
