Data provided by iNet BFA
Loading...
See More

Nigeria inflation hits 4-month high

Dec 17 2012 03:11 Reuters
Nigeria flag

(Picture: Shutterstock)

Related Articles

Nigeria finance minister's mom kidnapped

Nigeria oil savings more than double

Nigeria GDP grows, oil output climbs

Nigeria makes credit ratings debut

More oil finds worry Nigeria

Minister urges acceptance of higher tax

 
Abuja - 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% year-on-year in November, from 11.7% 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% year-on-year in November, from 11.1% 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% year-on-year in November, from 12.4% 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% last month for the seventh time in a row, resisting calls to reduce lending costs because of concerns over inflation. 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nigeria  |  inflation
NEXT ON FIN24X

SA mining at a crossroads

54 minutes ago

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...