UPDATE 1-Nigerian annual inflation nears three-year high in November By Reuters

UPDATE 1-Nigerian annual inflation nears three-year high in November

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UPDATE 1-Nigerian annual inflation nears three-year high in November

(Adds quote, analyst comment)
ABUJA, Dec 15 (Reuters) - Annual inflation in Nigeria rose
in November for the 15th straight month, to almost a three-year
high, the National Bureau of Statistics said on Tuesday, as food
prices lifted the price index.
Inflation rose to 14.89% in November, compared with 14.23%
in October. A separate food-price index showed inflation at
18.30% last month, compared with 17.38% in October.
"This rise in the food index was caused by increases in
prices of bread and cereals, potatoes, yam and other tubers,
meat, fish, fruits, vegetables and oils and fats," the
statistics office said in a report.
Nigeria is facing a recession triggered by a
coronavirus-induced crash in oil prices that have hammered its
economy, creating large financing needs and weakening the naira.
That has made imports more expensive, adding to inflationary
pressure.
An analyst at Lagos-based consultancy Financial Derivatives
said government action to deregulate petroleum prices to cut
subsidies and raise electricity tariffs will pass through to
inflation this year.

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UPDATE 1-Nigerian annual inflation nears three-year high in November

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