Nigeria’s Inflation Soars to Record 28.2% in November
Official figures released by the National Bureau of Statistics (NBS) reveal a concerning surge in Nigeria’s headline inflation rate, reaching a staggering 28.2% in November.
This marks a notable 0.87% uptick from the previous month’s rate of 27.33%.On a month-on-month basis, the data indicates a substantial increase, with November’s headline inflation rate at 2.09%. This represents a 0.35% rise compared to the rate recorded in October.
The relentless upward trend in inflation poses economic challenges and has heightened concerns about its long-term impact.Notably, the cost of food has remained a substantial burden for many Nigerians. Basic staples like bread and yam have experienced a surge in prices, contributing to the overall strain on household budgets.
The food inflation rate for November surged to 32.84%, underscoring the severity of the issue.With November witnessing the eleventh consecutive increase in inflation, the pressure on the central bank has intensified.
Calls for a rate rise meeting have gained momentum, as policymakers grapple with the need to address and stabilize the escalating inflationary pressures.
As Nigerians face the economic repercussions of rising inflation, the government and financial authorities are compelled to implement effective strategies to curb this trend and alleviate the financial strain on the population.Credit Arise Tv News