Nigeria’s inflation rate rose for the 10th consecutive month in November to 21.47 per cent from 21.09 per cent recorded a month earlier amid a continuing increase in food and energy prices, the National Bureau of Statistics said Thursday.
The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 21.47 per cent in November 2022 compared to the rate in November 2021.
The figure is 6.07 per cent points higher than the rate recorded in November 2021.
Nigeria’s lingering fuel scarcity became worse in recent weeks as several filling stations have failed to sell petroleum products or have sold at high prices. The shortage has seen transport cost rise, thereby affecting goods and commodities.
In a sustained push to control inflation and ease pressure on the naira, the Central Bank of Nigeria in November raised its benchmark lending rate to 16.5 per cent.
On Thursday, NBS said that on a month-on-month basis, headline…
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