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LAGOS, Nov 16 (Reuters) - Annual inflation in Nigeria rose
in October for the 14th month in a row, hitting a more-than
two-year high, the National Bureau of Statistics said on Monday
as galloping food prices drove the price rises.
Inflation rose to 14.23% in October, compared with 13.71% in
September. A separate food-price index showed inflation at
17.38% last month, compared with 16.66% in September.
"This rise in the food index was caused by increases in
prices of bread and cereals, potatoes, yam and other tubers,
meat, fish, fruits, vegetable, alcoholic and food beverages and
oils and fats," the statistics office said in a report.
Nationwide protests against police brutality last month
blocked roads in major cities, and curfews were imposed in
several states to quell unrest. Africa's largest economy was
already reeling from the impact of the COVID-19 pandemic.
"Nigerian inflation continued its acceleration in October,
led by the pressure on food prices," said Razia Khan, chief
economist for Africa and Middle East at Standard Chartered bank.
"Although not unrelated to disruptions in the month, the
print will cast a spotlight on the current very low levels of
market interest rates," she said.