By Elizabeth Adegbesan
Increase in prices of goods and services slowed for the tenth consecutive month to 15.9 percent in November, the lowest in 18 months.
The National Bureau of Statistics (NBS) disclosed this yesterday in its Consumer Price Index (CPI) report for November 2017. The report noted that high food prices and food price pressure persisted during the month, driven by increases in prices of bread and cereal, milk, cheese, eggs, coffee, tea, cocoa, fish and Oil and fats.
Also known as inflation, increase in prices of goods and services, rose from 7.9 percent in November 2014 to 18.72 percent January this year, from where it declined steadily by 2.82 percent to 15.9 percent in November
The NBS report stated: “The Consumer Price Index (CPI) which measures inflation increased by 15.90 percent (year-on-year) in November2017. This 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.
“On month-on-month (m-o-m) basis, the Headline index increased by 0.78 percent in November 2017, 0.02 percent points higher from the rate of 0.76percent recorded in October. This represents the first rise in m-o-m inflation following five consecutive m-o-m contractions in headline inflation since May 2017.”
The report further noted an increase in urban inflation rate from 16.19 percent recorded in October 2017 to 16.27 percent y-o-y in November and a decrease in rural inflation rate by 15.59 percent in November 2017 from 15.67 percent in October.