Accessibility links

Breaking News

Nigeria November Inflation Rises

FILE: People stand near the bread stand as they shop at Cherries Hypermarket in Abuja, Nigeria March 15, 2022.

Inflation in Nigeria accelerated for the 10th straight month to 21.47% in November from 21.09% in October, the statistics bureau said on Thursday.

A separate food price index showed inflation at 24.13% in November, compared with 23.72% in October, as Africa's most populous nation continues to struggle with rising prices for staples like rice and bread.

The government expects inflation to remain in double digits, averaging 17.16% next year.

The National Bureau of Statistics (NBS) attributed the rise in prices to food supply disruptions, import cost hikes due to currency depreciation and a rise in production costs.