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Inflation Rate Rises to 20-Month High

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5 years ago

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consumer goods
  • Inflation Rate Rises to 20-Month High

Nigeria’s inflation rate rose to a 20-month high of 11.98 percent year-on-year in the month of December 2019, the National Bureau of Statistics (NBS) stated.Nigerias inflation

This was 0.13 percent higher than the 11.85 percent recorded in the month of November and represents the fourth consecutive month of increase.

On a monthly basis, inflation grew by 0.85 percent in December 2019, a 0.17 percent lower than the 1.02 percent recorded in November.

Inflation has been on the rise since President Muhammadu Buhari ordered the closure of Nigerian land borders to curb smuggling and plug leakages.

Food inflation rose to 13.74 percent year-on-year in December from 13.65 percent in the month of November. While on month-on-month basis it declined by 0.28 percent from 1.25 percent achieved in November to 0.97 in December.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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