Nigeria’s inflation rate fell for the eighth consecutive month in November to 15.40 per cent from 15.99 per cent recorded a month earlier amid a continuing increase in food prices, the National Bureau of Statistics said Wednesday. The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.40 per cent (year-on-year) in November 2021. This is 0.51 per cent points higher than the rate recorded in November 2020 (14.89) per cent. According to the NBS, this rise in the food index was caused by increases in prices of bread and cereals, fish, food product, potatoes, yam and other tubers, oil and fats, milk, cheese and eggs and coffee, tea and cocoa. ALSO READ: Nigeria inflation falls for seventh straight month in October“The urban inflation rate increased by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 14.89 per cent in November 2021 from 14.33 per cent in November 2020.

Source: The Guardian December 15, 2021 15:11 UTC