Nigeria’s November Headline Inflation Rises By 11.28% YoY

The National Bureau of Statistics (NBS), on Friday, December 14, 2018, published its Consumer Price Index showing that inflation during the month of November grew at 11.28% Year-on-Year, marginally up from 11.26% in October
Food inflation for the period also climbed by same margin from 13.28% in prior month, to 13.30%; while Core Inflation (All items less farm produce) at 9.80% in Nov 2018 fell from 9.90% in Oct 2018.
“The percentage change in the average composite CPI for the twelve months period ending November 2018 over the average of the CPI for the previous 12 months period was 12.41%, showing 0.37% point decline from 12.78% recorded in October 2018,” the NBS added.
Urban inflation rate rose by 11.61% (year-on-year) in November 2018 from 11.64% recorded in October 2018, while the rural inflation rate increased by 10.99% in November 2018 from 10.93% in October 2018.
Meanwhile, the rise in the food inflation was caused by increases in prices of Bread and cereals, Milk, cheese and egg, Fish, Vegetables, Fruits, Oil and fats, Potatoes, yam and other tubers.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2018 over the previous 12-month average was 14.8%, 0.56% points lower from the average annual rate of change recorded in October (15.36%).
The Core inflation, which excludes the prices of volatile agricultural products stood at 9.8% in November 2018, down by 0.1% from the rate recorded in October 2018 (9.95%), driven by increases in prices of “major household appliances, fuels and lubricants for personal transport equipment, repair of household appliances, dental services, Domestic services and household services, medical services, hospital services, vehicle spare parts, shoes and other footwear, and cleaning, repair and hire of clothing.
“The average 12-month annual rate of change of the index was 10.7% for the 12-month period ending November 2018; this is 0.2% points lower than 10.9% recorded in October 2018
Inflation during the period was at its peak in oil-rich Rivers where it closed at 13.09%; ahead of Taraba in the North East at 12.99%; and Ekiti, 12.70%; while Cross River recorded 8.72%, the slowest rise for the period followed by Kwara, 8.74%; and Ogun, 9.52%.
On a month-on-month basis, all items inflation was at its highest level however of 2.18% in Edo State, ahead of Nasarawa’s 1.46%; and Kwara, 1.39%; just as the slowest growth occurred in Jigawa, 0.02%; Abia, 0.28%; and Yobe, 0.29%.
During the month, Kogi however recorded a negative inflation or price deflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.
Year-on-Year, food inflation was highest in Edo where it soared 16.52%; Imo, 15.40%; and Bayelsa, 15.36%; just as Oyo at 10.84% recorded the slowest rise in food inflation; ahead of Abia, 11.24%; and Kogi (11.50%.
Food inflation was highest (month-on-month) in Nasarawa, 2.16%; Kwara, 2.67%; and Edo, 2.68%; and at its floor in Bayelsa, Delta, Ebonyi, Kaduna, Kogi, Taraba and Yobe, all of which recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in November 2018.