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Nigeria’s Inflation Hits 12.3% In November

Nigeria’s headline inflation rate hit 12.3 per cent in the month of November. According to data released today by the National Bureau of Statistics (NBS), … Continue reading Nigeria’s Inflation Hits 12.3% In November


Nigeria’s headline inflation rate hit 12.3 per cent in the month of November.

According to data released today by the National Bureau of Statistics (NBS), on a year-on-year basis, the relative increase in the headline index in November was as a result of higher prices in both the food and core indices.

The report also showed that higher food prices continue to reflect the impact of recent floods on the production of farm produce, the resulting difficulty of moving food products to markets across the country.

The average 12 month annual rate of rise index was recorded at 13.6 % (year-on-year) for the twelve-month period ending November 2012.

In November, the composite food index increased year-on-year by 11.6 per cent to 133.9 points.