Nigeria’s inflation hits 34.6% YoY

Nigeria’s inflation rate climbed for the third consecutive month in November, reaching 34.60 per cent annually, up from 33.88 per cent in October, according to the National Bureau of Statistics on Monday.

The surge, driven by the naira’s devaluation and rising petrol prices, has deepened the nation’s worst cost-of-living crisis in decades. Food inflation also rose to 39.93 per cent, spurred by higher prices for staples like rice, maize, and cooking oil. In response, the central bank has implemented six interest rate hikes this year, totalling 875 basis points, to curb inflationary pressures.

Attribution: Reuters

Subediting: Y.Yasser