The Consumer Price Index (CPI), which measures monthly headline inflation, dropped to 15.90 per cent in November from 15.91 in October, according to data released yesterday by the National Bureau of Statistics (NBS).
The latest downslide in inflation curve is the 10th month of consecutive drop in headline inflation.
The NBS noted that the CPI, which measures inflation, increased by 15.90 per cent (year-on-year) in November, 0.01 percentage points lower than the rate recorded in October, 15.91 per cent.
“On a month-on-month basis, the headline index increased by 0.78 per cent in November 2017, 0.02 per cent points higher from the rate of 0.76 per cent recorded in October. This represents the first rise in month-on-month inflation following five consecutive months on month contraction in headline inflation since May 2017.
“The percentage change in the average composite CPI for the 12 month period ending in November 2017 over the average of the CPI for the previous 12 month period was 16.76 per cent, showing 0.21 per cent point lower from 16.97 per cent recorded in October 2017,” NBS stated.
The urban inflation rate rose by 16.27 per cent (year-on-year) in November from 16.19 per cent recorded in October, while the rural inflation rate also eased by 15.59 per cent in November from 15.67 per cent in October.
On month-on-month basis, the urban index rose by 0.85 per cent in November, up by 0.03 from 0.82 per cent recorded in October, while the rural index rose by 0.724 per cent in November, up by 0.009 when compared with 0.715 per cent in October.
The corresponding 12-month year-on-year average percentage change for the urban index is 17.26 per cent in November. This is less than 17.57 per cent reported in October 2017, while the corresponding rural inflation rate in November is 16.29 per cent compared to 16.41 per cent recorded in October 2017.