Olusola Bello

The Consumer Price Index, (CPI) which measures inflation dropped to 15.40 percent (year-on-year) in November compared to 15.99 percent in the preceding month, the National Bureau of Statistics (NBS) said on Wednesday.

This is 0.51 percentage points higher than the 14.89 percent recorded in November 2020.

Food inflation moderated to 17.21 percent compared to 18.30 percent in November 2020.

According to NBS report, the food index witnessed moderation in prices of bread and cereals, fish, food product, potatoes, yam and other tubers, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

The NBS statement is contrary to what the realities are as far food items are concerned. The prices of all the food listed above are far above what the common man can afford.

On month-on-month basis, the food sub-index increased by 1.07 percent in November 2021, up by 0.16 percentage points from 0.91 percent recorded in October.

The core index, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November 2021, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.

On month-on-month basis, the core sub-index increased by 1.26 percent in November 2021. This was up by 0.46 percent when compared with 0.80 percent recorded in October 2021.

The core inflation was influenced by highest increases 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.

Others are cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.

The average 12-month annual rate of change of the index was 12.96 percent for the twelve-month period ending November 2021.