JUST IN: Nigeria’s Headline Inflation Drops To 14.45% In November

Nigeria’s headline inflation rate eased for the eighth consecutive month in November, helped by slowing food inflation.

This is according to the latest figures released by the National Bureau of Statistics (NBS) on Monday.

This represents a decline of 1.6 percentage points month-on-month, indicating easing price pressures across the economy after several months of elevated inflation.

Consumer inflation stood at 14.45% year on year in November, down from 16.05% in October.

This year’s inflation slowdown follows years of surging prices that triggered a cost-of-living crisis in Africa’s most populous nation, Nigeria.

Consumer inflation peaked near 35% last December before falling after the National Bureau of Statistics revised its base year and adjusted the weight of items in its price basket.

The central bank said last month that it wanted inflation to fall further as it left its main interest rate unchanged.