Nigeria’s annual inflation increased from 27.33% in October to 28.20% in November, according to the National Bureau of Statistics (NBS).

The statistics office revealed that food and non-alcoholic beverages were the primary contributors to the increase in inflation.

Nigeria’s economy has experienced double-digit inflation since 2016, causing income erosion, savings decline, and worsening a cost-living crisis in the continent’s most populous country.

Meanwhile, Olayemi Cardoso, the new governor of the Central Bank of Nigeria, has adopted an inflation-targeting policy and vowed to phase out the bank’s fiscal intervention programmes in a bid to tame inflation.

The CBN predicts a decrease in inflation and exchange rate pressures in 2024, despite a 27.33% increase in November, the highest in 18 years.

“The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024,” he told the Joint Committee on Banking, Insurance, and Other Financial Institutions in Abuja.

“Inflation pressures may persist in the short-term but are expected to decline in 2024. Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: