Thursday, December 15, 2016 9.33 AM/NBS
All Items Index
The Consumer Price Index (CPI) which measures inflation increased by 18.48 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 percent). Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Insurance 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.
On a month-on-month basis, the Headline index increased 0.78 percentage points in November, 0.05 percentage points lower than the rate recorded in October (0.83 percent).
The Urban index rose by 20.07 percent (year-on-year) in November from 19.91 percent recorded in October, the Rural index increased by 17.10 percent in November from 16.95 percent in October. On month-on-month basis, the urban index eased by 0.03 percent while the rural index was also down by 0.05 percent.
The percentage change in the average composite CPI for the twelve-month period ending in November 2016 over the average of the CPI for the previous twelve-month period was 15.0 percent higher from 14.20 percent recorded in October.
The corresponding twelve-month year-on-year average percentage change for the urban index increased from 15.32 percent in October to 16.19 percent in November while the corresponding rural index also increased from 13.25 percent in October to 13.90 percent in November.
The Composite Food Index rose by 17.19 percent in November 2016. The rise in the index was mainly driven by increase in prices of imported foods, Meat, Bread and cereals and Fish.
On a month-on-month basis, the Food sub-index increase by 0.88 percent in November from 0.86 percent recorded in October.
The average annual rate of change of the Food sub-index for the twelve-month period ending in November 2016 over the previous twelve-month average was 14.39 percent (0.57 percent) points from the average annual rate of change recorded in October (13.82 percent).
All Items Less Farm Produce
The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce increased by 18.20 percent during the month, 0.10 percentage points lower from the rate (18.10) recorded in October as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index rose by 0.71 percent in November, down by 0.04 percentage points from the 0.75 percent recorded in October. In November, the highest price increases were reported 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
The average 12-month annual rate of rise of the index was recorded at 14.54 percent for the twelve-month period ending in November 2016, 0.79 percent points higher from the twelve-month rate of change recorded in October.
Click Here to Download Full Report
1. CPI Rises to 18.3% in October, 0.48% Higher Than 17.9% September Rate
2. FDC Aligns With FSDH, Projects Headline Inflation To Creep Up To 18.4%
3. November Inflation Rate to Increase Further to 18.45%
4. Inflation Growth Defies All CBN MPC Decisions
5. Nigeria’s Consumer Price Index Rises to 18.3% in October 2016
6. Average Kerosene Price Increases to N292.73 in Oct’16 from N288.68 in Sep'16
7. Average Diesel Price Drops to N187.25 in Oct’16 from N192.69 in Sep'16
8. Average Petrol Price Drops to N145.9 in Oct'16 from N146.3 in Sep'16
9. October 2016 Inflation Rate to Increase Further to 18.17% - FSDH
10. Inflation to Maintain Its Upward Trajectory; to Rise to 18.2% - FDC
11. CPI Rises to 17.9% in September, 0.24% Higher Than 17.6% August Rate
12. Inflation Moving In The Right Direction
13. Headline Inflation projected to reach 18% - FDC
14. FSDH Expects September Inflation Rate to Increase further to 18.14%
15. Another welcome slowdown in month-on-month inflation