Just released data from the National Bureau of Statistics (NBS) shows the country’s Consumer Price Index (CPI) also known as inflation dropped by 0.01% from 15.91% in October to 15.90% in November. The decline represents the 10th consecutive one since January 2017. Month on Month however, inflation rose by 0.02% from 0.76% in October to 0.78% in November.

The Urban inflation rate rose by 16.27 percent (year-on-year) in November from 16.19 percent recorded in October, while the Rural inflation rate also eased by 15.59 percent in November from 15.67 percent in October.

Food Index dropped month on month

The Food Index increased by 20.30 percent (year-on-year) in November, down marginally by 0.01 percent points from the rate recorded in October (20.31 percent).

Core inflation increased

Core inflation, however increased slightly by 0.06% from 14.40% in October to 14.20% in November. Core inflation excludes commodities such as food items and energy products which have temporary price volatility.

Inflation on a state basis

In November 2017, all items inflation on a year on year basis was highest in Bauchi (23.63%), Nasarawa (19.90%) and Kebbi (19.22%), while Kogi (11.27%), Edo (13.11%) and Delta States (13.75) 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 (1.6%), Katsina (1.44%) and Oyo (1.43%), while Plateau (0%), Edo (0.07%)Benue (0.21%)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 (28.11%), Ebonyi (25.03%) and Nasarawa (24.95%)while Kogi (13.25%), Benue (15.19%) and Bauchi(15.42%)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 (1.96%), and FCT/Abuja (1.93%),while Akwa Ibom (-0.69%), Plateau (-0.13%), and Benue (-0.06%) recorded food price deflation or negative inflation.

Bauchi, Nassarawa and Kebbi had the highest inflation year on year.  Kogi, Delta and Edo had the lowest inflation year on year . Highest year on year food Inflation in Kwara, Ebonyi and Nasarawa and lowest in Kogi, Bauchi and Benue.

Deal book 300 x 250

Here is a copy of the report and an explanation of what inflation means.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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