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Inflation climbs for the third month in Nigeria as prices rise across the board

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Nigeria annual inflation has risen for the third month in November. This is the strongest increases in almost two years as prices climbed across all categories measured by the statistics bureau.

Nigeria closed parts of its borders last august to fight smuggling of rice and other goods, a move which has exacerbated inflation according to customers and economists. Nigeria head of customs Hamid Ali confirmed in October that all trade in goods via land borders had been halted indefinitely.

National Bureau of Statistics said on Tuesday that annual inflation was 11.85% in November, up from 11.61% in October.

The three-month inflationary run is the longest since January 2017, and the highest rate since April 2018. Consumer inflation had dropped to its lowest in almost four years in August.

A separate food price index showed annual inflation at 14.48% in November, compared with 14.09% a month earlier.

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