ABUJA, Dec 16 – Nigeria’s headline inflation rate eased for an eighth consecutive month in November, driven largely by a slowdown in food price pressures, official data showed on Monday.
Consumer inflation stood at 14.45% year on year in November, down from 16.05% in October, according to figures released by the National Bureau of Statistics.
The continued slowdown follows several years of sharply rising prices that triggered a severe cost-of-living crisis in Africa’s most populous country. Inflation peaked at nearly 35% in December last year before beginning to fall after the statistics office revised its base year and adjusted the weighting of items in the consumer price basket.
Food inflation, a key driver of household costs, slowed to 11.08% year on year in November from 13.12% in October, offering some relief to consumers.
Nigeria’s central bank last month held its benchmark interest rate steady, saying it wanted to see inflation decline further before adjusting monetary policy. The bank has maintained a tight stance to rein in price pressures while balancing risks to economic growth.
Despite the easing trend, inflation remains in double digits, underscoring ongoing challenges linked to currency weakness, supply constraints and elevated living costs.
