Nigeria’s inflation rate fell to 14.45 percent in November, according to the latest Consumer Price Index and Inflation report from the National Bureau of Statistics. This marks a decline from October’s 16.05 percent, a 1.22‑percentage‑point drop.
The report also notes a modest rise in food inflation, which increased by 1.13 percent in November. Higher prices for essential items such as tomatoes, cassava tubers, eggs, periwinkle, ground pepper, crayfish, melon and onions drove this increase. Month‑on‑month, headline inflation rose 1.22 percent in November, 0.29 percent higher than in October, while food inflation rose 1.13 percent, a 1.5‑percentage‑point increase from the previous month.
Financial Derivatives Company Limited had previously forecast a further decline in Nigeria’s inflation for November. Although the overall drop is a positive sign for the economy, the upward pressure on food prices may continue to strain households and businesses. The National Bureau of Statistics will keep monitoring inflation trends and provide updates on the country’s economic performance.
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