Nigeria’s inflation rate dropped further in the month of November 2021 to 15.4per cent from 15.99per cent recorded in the previous month.
This is according to the recently released inflation report by the National Bureau of Statistics (NBS).
According to the report, the latest figures represent the lowest rate recorded since November 2020, when the CPI rose by 14.89per cent.
Also, core inflation stood at 13.85per cent in the review month, rising from 13.24 per cent recorded in the previous month.
The highest increases were recorded in prices of gas, liquid fuel, other services, 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 equipment.
Food inflation dropped significantly to 17.21 per cent in November 2021 from 18.34 per cent recorded in October 2021. Food inflation dropped to its lowest level sin 14 months. It is worth noting that, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product, potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.