According to the recently released inflation report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate dropped further in the month of November 2021 to 15.4% from 15.99% recorded in the previous month.
According to the report, the latest figures represent the lowest recorded since November 2020, when the CPI rose by 14.89%. Meanwhile, on a month-on-month basis, the Headline index increased by 1.08% in November 2021, this is 0.10% rate higher than the rate recorded in October 2021 (0.98%).
The urban inflation rate increased by 15.92% (year-on-year) in November 2021 from 15.47% recorded in November 2020, while the rural inflation rate increased by 14.89% in November 2021 from 14.33% in November 2020.
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Nigeria’s inflation rate recorded its 8th consecutive moderation in November 2021, falling to its lowest level in 12 months. However, a 15.4% headline inflation rate implies that the purchasing power of Nigerians continues to weaken as a result of increase in the prices of goods and services. (Nairametrics)
