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Published On: Wed, Dec 20th, 2017

Nigeria records tenth consecutive disinflation -NBS

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By Etuka Sunday

National Bureau of Statistics (NBS) disclosed the country has recorded tenth consecutive disinflation since January, 2017.
NBS said, in its data that the Consumer Price Index (CPI) which measures inflation increased by 15.90 percent (year-on-year) in November2017.
This, the Bureau said was 0.01 percent points lower than the rate recorded in October (15.91) percent making it the tenth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year on year inflation since January 2017.
NBS said, “increases were recorded in all COICOP divisions that yield the Headline Index. On a month-on-month basis, the Headline index increased by 0.78 percent in November 2017, 0.02percent points higher from the rate of 0.76percent recorded in October.
“This represents the first rise in month on month inflation following five consecutive months on month contraction in headline inflation since May 2017.
“The percentage change in the average composite CPI for the twelve month period ending in November 2017 over the average of the CPI for the previous twelve month period was 16.76 percent, showing 0.21 percent point lower from 16.97 percent recorded in October 2017.
“The Urban inflation rate rose by 16.27 percent (year-on-year) in November from 16.19 percent recorded in October, while the Rural inflation rate also eased by 15.59 percent in November from 15.67 percent in October.
“On month-on-month basis, the urban index rose by 0.85 percent in November, up by 0.03 from 0.82 percent recorded in October, while the rural index rose by 0.724 percent in November, up by 0.009 when compared with 0.715 percent in October.
“The corresponding twelve month year-on-year average percentage change for the urban index is 17.26 percent in November. This is less than 17.57 percent reported in October 2017, while the corresponding rural inflation rate in November is 16.29 percent compared to 16.41 percent recorded in October 2017,” it said.

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