Nigeria inflation rises for third month as prices soar

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Statistician-General of the National Bureau of Statistics of Nigeria, Dr Yemi Kale
Statistician-General of the National Bureau of Statistics of Nigeria, Dr Yemi Kale

Nigeria’s annual inflation rose for the third consecutive month in November, marking the longest run of increases in almost two years as prices soared across all categories measured by the National Bureau of Statistics, NBS.

In August, Nigeria closed parts of its borders to fight smuggling of rice and other goods, a move which has exacerbated inflation according to customers and economists. The head of customs confirmed in October that all trade in goods via land borders had been halted indefinitely.

Annual inflation was 11.85% in November, up from 11.61% in October, the National Bureau of Statistics 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 it 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.

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