Nigeria’s headline inflation rate eased for the eighth consecutive month in November, helped by slowing food inflation, official data showed this Monday.
Consumer inflation stood at 14.45% year on year last month, 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.
Consumer inflation peaked near 35% last December before falling after the statistics office revised its base year and adjusted the weight of items in its price basket.
Food inflation was at 11.08% year on year in November compared with 13.12% in October.
The central bank said last month that it wanted inflation to fall further as it left its main interest rate unchanged.
–Reuters–
