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Nigeria records 14.5% food inflation in November
Within the grip of rising food costs, Nigeria has simply registered its 3rd consecutive month of inflation. This increase in the cost of living is the highest since January 2017. With a 14.5% rise in costs, November stood out as the month with the biggest monthly increase since April 2018.
Based mostly on annual data, price inflation in November was 11.85% in comparison with 11.61% in October. In mid-October, Governor Godwin Emefiele introduced an annual inflation rate of 12%, a consequence of the upkeep of the present financial coverage.
The Bureau of Statistics has printed the food index individually. It revealed a rise of 14.48% in November, whereas in October, the speed was 14.09%. Was this increase worthwhile for local producers?
Nigeria had its lowest inflation price in 4 years last August. The same month, the first African economic power had then closed its land borders within the framework of the battle towards the smuggling of rice and different food products. This had contributed to soaring prices.
President Muhammadu Buhari’s 2020 budget of 10.50 trillion naïras, or $ 34.6 billion, has already been accepted. An estimated deficit of 1.52% of GDP has been forecast within the budget, which represents roughly 2.18 trillion naïras. A number of national and international borrowings have been planned to cowl this deficit.