• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

All data is delayed
Loading...
See More

Nigeria inflation hits 4-month high

Dec 17 2012 03:11
Reuters
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

 
 
 

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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

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

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...