In November, Nigeria’s inflation rate increased for the third consecutive month

According to figures released by the statistics office on Monday, Nigeria’s inflation rate increased for the third consecutive month in November, rising to 34.60% in annual terms (NGCPIY=ECI) from 33.88% in October.

The naira devaluation’s aftereffects and a string of gasoline price hikes have been blamed for the inflation spike, which started in September after a temporary reduction in July and August.

The most populous nation in Africa is experiencing the worst cost-of-living crisis in decades as a result of these circumstances.

The central bank has hiked interest rates six times this year, for a total increase of 875 basis points, to counteract increasing inflation.

The price increases for basics including rice, maize, bread, potatoes, and cooking oil drove food inflation to surge to 39.93% year-over-year in November from 39.16% the month before, according to the National Bureau of Statistics (NGFINF=ECI), opens new tab.

In an attempt to boost economic growth and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.