Nigeria’s inflation rate hits all-time high 14.89 per cent, says NBS

Nigeria’s land borders closure and other factors have pushed the country’s inflation rate to a 31-month high 14.89 per cent as at November 2020.

The latest figures were released by the National Bureau of Statistics (NBS) in Abuja.

The country’s inflation has been on the rise since the country shut its land borders.

The report published on the website of the bureau shows that the new inflation rate is 0.66 percent points higher than the rate recorded in October 2020.

Inflation at 14.89% in November 2020 from 14.23% in October 2020 on a year-on-year basis.

Coronavirus pandemic has worsened the situation while the drop in crude oil prices has plunged the country into recession as a mono-cultural economy.

The report said the composite food index rose to 18.30 percent in October 2020 compared to 17.38 per cent in September 2020.