Nigeria’s inflation rate drops further to 15.4% in November 2021
Nigeria’s inflation rate dropped further in the month of November 2021 to 15.4% from 15.99% recorded in the previous month. This is according to the recently released inflation report by the National Bureau of Statistics (NBS).
What this means
Nigeria’s inflation rate recorded its 8th consecutive moderation in November 2021, falling to its lowest level in 12 months. However, a 15.4% headline inflation rate implies that the purchasing power of Nigerians continues to weaken as a result of increase in the prices of goods and services.