The statistics agency reported on Thursday that inflation in Nigeria increased for the tenth consecutive month, from 21.09% in October to 21.47% in November.
According to the National Bureau of Statistics (NBS), the increase in prices was caused by disruptions in the food supply, higher import costs owing to currency depreciation, and an increase in manufacturing expenses.
A different gauge of food prices revealed that inflation in November was 24.13%, up from 23.72% in October, as Africa’s most populous country continues to battle with rising prices for basic goods like bread and rice.
The government anticipates that inflation will average 17.16% next year, and remain in the double digits.
