The consumer price index, (CPI) which measures inflation increased by 15.40 percent (year-on-year) in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent. Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 1.08 percent in November 2021, this is 0.10 percent rate higher than the rate recorded in October 2021 (0.98) percent.
The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 percent, showing 0.02 percent point from 16.96 percent recorded in October 2021.
The urban inflation rate increased by 15.92 percent (year-on-year) in November 2021 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November 2021 from 14.33 percent in November 2020.
On a month-on-month basis, the urban index rose by 1.12 percent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) percent, while the rural index also rose by 1.04 percent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 17.55 percent in November 2021. This is higher than 17.53 percent reported in October 2021, while the corresponding rural inflation rate in November 2021 is 16.42 percent compared to 16.39 percent recorded in October 2021.
Food Index
The composite food index rose by 17.21 percent in November 2021 compared to 18.30 percent in November 2020. This rise in the food index was caused by increases in prices of Bread and cereals, Fish, Food product n.e.c, Potatoes, yam and other tuber, Oil and fats, Milk, cheese and eggs, and Coffee, tea and cocoa.
On a month-on-month basis, the food sub-index increased by 1.07 percent in November 2021, up by 0.16 percent points from 0.91 percent recorded in October 2021.
The average annual rate of change of the Food sub-index for the twelve-month period ending November 2021 over the previous twelve-month average was 20.62 percent, 0.13 percent points lower from the average annual rate of change recorded in October 2021 (20.75 percent).
All Items Less Farm Produce
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November 2021, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.
On a month-on-month basis, the core sub-index increased by 1.26 percent in November 2021. This was down by 0.46 percent when compared with 0.80 percent recorded in October 2021.
The highest increases were recorded in prices of Gas, Liquid fuel, Other services n.e.c, Garments, Vehicle spare parts, Passenger transport by road, Non-durable household goods, Jewellery clocks and watches, Passenger transport by air, Pharmaceutical products, Appliances, articles and products for personal care, Cleaning, repair and hire of clothing and Fuels and lubricants for personal transport equipments.
The average 12-month annual rate of change of the index was 12.96 percent for the twelve-month period ending November 2021; this is 0.23 percent points higher than 12.73 percent recorded in October 2021.
State Profile
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All Items Inflation
In November 2021, all items inflation on year on year basis was highest in Gombe (18.54%), Jigawa (17.54%) and Nasarawa (17.43%), while Kwara (11.73%) , River (13.36%) and Edo (13.50%) recorded the slowest rise in headline Year on Year inflation. On month on month basis however, November 2021, recorded the highest increases in Cross River (2.38%), Enugu (1.94%) and Ekiti (1.89%), while Bauchi (0.10%), Akwa Ibom (0.22%) and Ebonyi (0.38%) recorded the slowest rise in headline month on month inflation.
Food Inflation
In November 2021, food inflation on a year on year basis was highest in Gombe (21.83%), Kogi (21.09%) and Nasarawa (20.48%), while Edo (14.12%), Rivers (14.31%) and Osun (14.45%) recorded the slowest rise in year on year food inflation. On month on month basis however, November 2021 food inflation was highest in Enugu (2.59%), Imo (2.31%) and Ekiti (2.01%), while Jigawa (0.27%), Ogun (0.36%) recorded the slowest rise in inflation on month on month with Akwa Ibom recording price deflation or negative inflation (decrease in the general price level of food or a negative food inflation rate).
