Nigeria: Inflation accelerates further in November, nears three-decade high
Latest reading: Inflation accelerated for a third month running in November, coming in at 34.6% from October’s 33.9%. November’s figure represented the highest inflation rate since March 1996. Looking at the details of the release, prices for food increased at a quicker rate in November and prices for clothing and footwear also rose at a faster pace.
Accordingly, the trend pointed up, with annual average inflation coming in at 32.8% in November (October: 32.3%). Meanwhile, core inflation rose to 27.9% in November from October’s 27.4%.
Finally, consumer prices increased 2.64% in November over the previous month, stable from October’s reading.