Economy Nigeria

Nigeria’s inflation hits 14.89% in November

The composite food index rose sharply by 18.30 per cent in November compared to 17.38 per cent in October.

After attaining the highest level in 30 months in October, Nigeria’s headline inflation climbed further to 14.89 per cent, the latest figures by the National Bureau of Statistics (NBS) show.

This is the 14th straight month the rate has quickened. This may be attributed to the rise in food prices initially caused by border closures, dollar restrictions and the recent banditry attacks that are preventing farmers from producing food.

The report published on the website of the bureau on Tuesday shows that the new inflation rate is 0.66 per cent points higher than the rate recorded in October 2020 (14.23 per cent).

Nigeria’s inflation had earlier been affected by the federal government’s decision to shut its land borders.

It became worse with the emergence of the coronavirus which affected the global economy.

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