Business
Nigeria’s Consumer Inflation Rises
Nigeria’s consumer inflation rose to its highest in four months in November as the impact of the country’s worst flooding in 50 years pushed up the cost of food, data showed on Monday.
Headline inflation quickened to 12.3 percent year-on-year in November, from 11.7 percent in October and the highest since July, the National Bureau of Statistics (NBS) said.
Food inflation, the biggest contributor to the consumer index, rose to 11.6 percent year-on-year in November, from 11.1 percent in October.
“Higher food prices continue to reflect the impact of recent floods on the production of farm produce, (and the) resulting difficulty of moving food products to markets across the country,” the NBS said in a report.
Nigeria’s worst flooding in at least half a decade between July and mid-October killed 363 people and displaced 2.1 million, the national emergency agency said.
Core inflation, which excludes volatile agriculture items, jumped to 13.6 percent year-on-year in November, from 12.4 percent in October. The central bank closely watches the core index when making interest rate decisions.
“Increases in the core index was as a result of … higher housing, electricity, gas (prices) … in particular rent prices, increased liquid fuel prices such as kerosene … air transportation costs, and clothing prices,” the NBS said.
Nigeria’s central bank kept interest rates on hold at 12 percent last month for the seventh time in a row, resisting calls to reduce lending costs because of concerns over inflation.
Business
RIVERS NDC STANDARD BEARER CAUTIONS AGAINST TRIBAL POLITICS IN 2027
Business
Navy Upgrades Infrastructure To Tackle Security Threats —— CNS
Business
Airport Road Remains Only For Airport Activities —-Gov. Fubara
-
Rivers2 days agoPolice arrest 3 suspects over killing of driver in Rivers
-
Politics2 days ago
I DIDN’T PROMISE YOU TICKETS, AKPABIO TELLS APC SENATORS WHO FAILED PRIMARIES
-
News2 days agoFUBARA ASSURES NUT OF SECURITY OF SCHOOLS IN RIVERS
-
News2 days agoNDLEA Arrests Four Notorious Female Drug Dealers In Four States
-
News2 days agoWORLD FOOD SAFETY DAY: VETERINARIANS TASK GOVT ON MODERN ABATTOIR IN RIVERS
-
Sports2 days agoOkpekpe Road Race Gets Mobility Solutions, Fan Engagement
-
Politics2 days ago
Court Dismisses Rivers PDP Members’ Suit Over LG Election Candidates
-
News2 days agoRSG ADVOCATES IMPLEMENTATION OF SUMMIT RESOLUTIONS FOR N’DELTA DEV
