Inflation Sustains Downward Trajectory, Drops to 14.45% Amid Moderation in Energy, Food PricesInflationInflation Sustains Downward Trajectory, Drops to 14.45% Amid Moderation in Energy, Food Prices

•Severe in Rivers, Ogun, Ekiti, others

James Emejo in Abuja

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, further dropped to 14.45 per cent in November, compared to 16.05 per cent in the preceding month, National Bureau of Statistics (NBS) said yesterday.

Year-on-year, however, headline inflation rate stood at 20.15 per cent, compared to 34.60 per cent in November 2024 (after rebasing).

According to the CPI Report for November, which was released by the statistical agency, month-on-month, headline inflation rate rose to 1.22 per cent, compared to 0.93 per cent in October.

Food inflation stood at 11.08 per cent, year-on-year, in November, from 39.93 per cent in November 2024.

NBS attributed the significant decline in annual food inflation to the change in the base year.

However, month-on-month, the food index stood at 1.13 per cent, compared to -0.37 per cent in October.

The increase was attributed to the rate of increase in the average prices of tomatoes, cassava tuber, periwinkle, ground pepper, eggs, crayfish, melon, unshelled, oxtail, onions, among others.

The “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 18.04 per cent year-on-year in November compared to 28.75 per cent in November 2024.

On a month-on-month basis, the core index stood at 1.28 per cent from 1.42 per cent in October.

According to the NBS, year-on-year, urban inflation reduced to 13.61 per cent, compared to 37.10 per cent in November 2024.

Month-on-month, urban inflation was 0.95 per cent, compared to 1.14 per cent in October.

Similarly, rural inflation stood at 15.15 per cent, year-on-year, compared to 32.27 per cent in November 2024.

However, month-on-month, the rural index inflation was 1.88 per cent, compared to 0.45 per cent in October.

At the state level, headline inflation, year-on-year was highest in Rivers (17.78 per cent), Ogun (17.65 per cent), and Ekiti (16.77 per cent), while Plateau (9.13 per cent), Kebbi (10.32 per cent) and Katsina (10.60 per cent) recorded the lowest rise in prices.

Month-on- month, however, the highest increases were recorded in Bayelsa (6.58 per cent), Gombe (5.11 per cent), and Edo (4.45 per cent), while Plateau (-2.54 per cent), Delta (-2.38 per cent), and Kaduna (-2.24 per cent) recorded a decline.

In November, food inflation on a year-on-year basis was highest in Kogi (17.83 per cent), Ogun (16.52 per cent), and Rivers (16.11 per cent), while Imo (3.52 per cent), Katsina (3.65 per cent), and Akwa Ibom (4.52 per cent) recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis, however, food inflation was highest in Yobe (9.52 per cent), Katsina (6.61 per cent), and Ondo (6.04 per cent), while Imo (-6.49 per cent), Nasarawa (-5.48 per cent), and Enugu (-2.54 per cent) recorded a decline in the food index.