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Home Business News Politics

Surprise, Surprise? Nigeria’s Inflation Rate Dropped In November 2014

Nairametrics by Nairametrics
December 14, 2014
in Politics
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  • The National Bureau of Statistics announced Nigeria’s inflation rate rose year on year in November by 7.9%
  • This was 0.2% lower than the 8.9% recorded in October
  • The headline Inflation rate is published monthly and is compared on a year on year basis. For example, November 2013 and November 2014
  • In this instance, prices of goods and services rose by 7.9% between November 2013 and November 2014
  • Headline inflation however rose by 0.59% on a month to month basis (between October 2014 and November 2014)
  • Nigeria’s food index which is a subset of the Headline inflation rate rose 9.1% year on year down 0.2% from 9.3% recorded in October
  • This may not be a surprise as we are currently in the harvest season which helps bring down prices of food.
  • The NBS explained that ‘The onset of the harvest season has continued to bring consumers a respite from higher food prices after food prices peaked in August’
  • The core index (which is the headline inflation less food inflation) rose 6.3% year on year.
  • The inflation rate is yet to take into consideration the effect of the recent devaluation of the naira.
  • We expect inflation rate for December to rise sharply to above 9.5% by the time the effect of the devaluation is factored in.
  • This is despite several monetary policy measures the CBN introduced to tighten things.
  • Press Release

 

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