Inflation in Nigeria conquers new heights
2022.12.15 07:36
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Inflation in Nigeria conquers new heights
Budrigannews.com – The statistics bureau reported on Thursday that annual inflation in Nigeria increased for the tenth consecutive month, accelerating to 21.47 percent in November from 21.09 percent in October due to rising food prices.
The Public Department of Measurements (NBS) credited the ascent to a sharp expansion popular in front of the Christmas season, import cost climbs because of the devaluation of the naira money, and an ascent underway expenses.
In November, a separate food price index showed inflation of 24.13 percent, up from 23.72 percent in October. This shows that Africa’s most populous nation is still having trouble keeping up with the rising cost of basic necessities.
The NBS stated in a report that “the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes,… and fish.”
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Nigerian policymakers have stated that persistent inflationary pressures are primarily imported and structural.
The government anticipates that inflation will average 17.16 percent next year, maintaining its double-digit rate.
According to emerging markets economist Virag Forizs at Capital Economics, the stronger-than-expected November inflation data suggest that prices may continue to rise. She added that the central bank might raise rates at its January meeting.
As Nigeria prepares for legislative and presidential elections in February, in which incumbent President Muhammadu Buhari will not participate due to term limits, major concerns for voters include high inflation, weak economic growth, and mounting insecurity.
