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Financial News: Nigeria Inflation Highest In 19 Months

Nigeria Inflation Highest In 19 Months

12/17/2019 - 04:11:00 (RTTNews)

(RTTNews) - Nigeria's consumer price inflation rose to the highest level in nineteen months in November, figures from the National Bureau of Statistics showed on Tuesday.

The consumer price index rose 11.85 percent year-on-year in November, following an 11.61 percent increase in October.

The latest inflation was the highest since April last year, when prices rose 12.48 percent.

Food price inflation rose to 14.48 percent in November from 14.09 percent in the preceding month. On a monthly basis, food prices increased 1.25 percent.

On a month-on-month basis, consumer prices rose 1.02 percent in November, slower than 1.07 percent gain in the prior month.

The core inflation, which excludes the volatile prices of agricultural produce, edged up to 8.99 percent in November from 8.88 percent rise in the previous month.

On a monthly basis, the core CPI rose 0.79 percent in November, following a 0.74 percent increase in the preceding month.

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