World Economy

Slight Rise in Nigeria Inflation

Slight Rise in Nigeria Inflation Slight Rise in Nigeria Inflation

Nigeria’s consumer price index, which measures inflation, rose to 9.4% in November. The marginal increase represents a 0.1% rise from 9.3% recorded in the previous month, NewsNow reported. This came after a brief respite in October, when the CPI revealed lesser increase in the price of food commodities and other consumable goods. The National Bureau of Statics, in its monthly release, said the rise in the inflation was driven in part by higher prices within the food and non-alcoholic beverages division as well as increases in the transportation division as a result of shortages in premium motor sprit coupled with the knock-on effect impacting transportation of people and goods across the country. Food prices as measured by the food sub-index in the month under review, also increased at higher pace in November. According to the NBS, the food sub-index increased to 10.3% (year-on-year) during the month, 0.2% points from rates recorded in October.