Nigeria’s Inflation Increases for Third Consecutive Month in November

• Nigeria’s Inflation Increases for Third Consecutive Month in November

Nigeria’s consumer prices increased in the month of November to 11.85 percent in the twelve months through November, according to the National Bureau of Statistics (NBS) report released earlier this week.

The reported figure was 0.24 percent points higher than the 11.61 percent recorded in October and represents third straight month of increase since the Nigerian land borders were closed in August by President Muhammadu Buhari.

On a monthly basis, inflation rose by 1.02 percent in the month, 0.05 percent points lower than the 1.07 percent achieved in October.

Accordingly, the food index rose by 14.48 percent in November, up from 14.09 percent recorded in October. This was after the land borders were closed to increase local production and enforce the consumption of Nigerian made goods.

However, lack of self-sufficiency in most local products led to an increase in prices of local items as demand surge amid a drop in demand for expensive foreign products.