Nigeria’s Inflation climbs for third straight month

Annual inflation in Nigeria rose for the third straight month in November, marking the longest run of increases in almost two years.

According to data released by the National Bureau for Statistics, prices climbed across all categories measured in the country.

Annual inflation was 11.85% in November, up from 11.61% in October, NBS  said on Tuesday, citing broad price increases.

That makes the three-month inflationary run the longest since January 2017, and the highest rate since April 2018. Consumer inflation had dropped to its lowest in almost four years in August.

A separate food price index showed annual inflation at 14.48% in November, compared with 14.09% a month earlier.

In August, Nigeria closed parts of its borders to fight smuggling of rice and other goods, a move which has exacerbated inflation.

The head of customs confirmed in October that all trade in goods via land borders had been halted indefinitely.


Leave a Reply