Inflation shows signs of slowing, hits 18.48% in November

Data released by the National Bureau of Statistics (NBS) indicates that the Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016.

The current inflation number which is 0.15 percentage points higher than the rate recorded in October (18.33 percent) indicates a declining growth in inflation rate as inflation increased by 0.48 percentage between September and October. This comes as the President Muhammadu Buhari yesterday presented the 2017 federal budget of N7.2 trillion.

Key among sectors which contributed to slowing the rate of growth of inflation include the Communication and Insurance which recorded the slowest pace of growth in November, growing at 5.61 percent and 6.76 percent year-on-year respectively.
The Food Sub Index increased by 17.19 percent (year-on-year) in November, up by 0.10 percentage points from rates recorded in October (17.09 percent). During the month, all major food sub-indexes increased with Soft Drinks recording the slowest pace of increase at 7.76 percent year on year.
Price movements recorded by the All Items less farm produce or Core sub-index rose by 18.20 percent (year-on-year) in November, up by 0.10 percentage points from rates recorded in October (18.10 percent).

During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear.