Nigeria’s Food Inflation Drops To 17.21% Despite High Prices- NBS

Nigeria’s food inflation has again dropped to 17.21 per cent in November, the National Bureau of Statistics has said.

The drop in the inflation rate was revealed in a report released by the NBS on Wednesday.

According to NBS, Nigeria’s inflation dropped to 15.4 per cent in November 2021 compared to the 15.99 per cent recorded in October 2021.

During the corresponding period of last year, inflation was 14.89 per cent.

The urban inflation rate increased by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent recorded in November 2020.

Rural inflation rate increased by 14.89 per cent in November 2021 from 14.33 per cent in November 2020.

Food inflation declined to 17.21 per cent in November 2021. This is a significant drop from the 18.34 per cent per cent recorded in October 2021.
2020.

The rise in inflation was caused by increases in prices of bread and cereals, fish, Food products.

Also, increase in potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa contributed to the rise.