By Chijioke Ohuocha
ABUJA (Reuters) -Nigeria’s inflation rate rose for the third straight month in November, advancing to 34.60% in annual terms from 33.88% in October, data from the statistics agency showed on Monday.
The uptick in inflation, which began in September following a brief easing in July and August, has been attributed to the lingering effects of the naira devaluation and a series of petrol price increases.
These factors have intensified the most severe cost-of-living crisis in decades in Africa’s most populous country.
To combat rising inflation, the central bank has raised interest rates six times this year, totaling an increase of 875 basis points.
The National Bureau of Statistics said food inflation reached 39.93% year-on-year in November from 39.16% the previous month, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.
Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country’s naira currency and cut subsidies to try to lift economic growth and shore up public finances.
(Additional reporting by Mohd Edrees in BengaluruEditing by Bate Felix)
