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Nigeria suffers highest inflation rate since May 2018

The closure of some of the Nigerian borders has led to the increase in food prices and subsequently pushed up annual inflation in the country.

The National Bureau of Statistics monthly report released on Monday showed that annual inflation was 11.61% in October, up from 11.24% in September, indicating the highest rate since May 2018.

 

A separate food price index showed inflation at 14.09% in October as against 13.51% in September.

“This rise in the food index was caused by increases in prices of meat, oils and fats, bread and cereals, potatoes, ham and other tubers, fish and vegetables,” the statistics office said in its report.

Source: Guidance

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