Economy: Nigeria’s inflation rate jumps to 14.89% in November 2020

Economy: Nigeria’s inflation rate jumps to 14.89% in November 2020

- Nigeria's economy is still struggling as inflation continues to rise on a monthly basis

- The latest report by the National Bureau of Statistics indicates that the nation's inflation rose to 14.89%

- Food inflation, according to the report, also rose to 18.30% in November as against the 17.38% recorded in October

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Nigeria’s headline inflation rate rose by 14.89% (year-on-year) in November 2020 as against 14.23% recorded in October 2020.

This is contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Tuesday, December 15.

Legit.ng notes that the report also indicates that food inflation jumped to 18.30% in November from the 17.38% recorded in October.

Economy: Nigeria’s inflation rate jumps to 14.89% in November 2020
Nigeria’s inflation rate rises to 14.89% in November 2020. Photo credit: Femi Adesina
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However, Core Inflation, simply described as change in prices of goods and services except those from the food and energy sectors, is down to 11.05% in November from 11.14% in October 2020.

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Meanwhile, the Nigeria Development Update (NDU) of the World Bank has predicted that the country's economic recession will last for the next three years, that is till 2023.

The global financial body projected that within this period, almost all Nigerian citizens will witness a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.

It also warned that the absence of measures to mitigate the impact of the crisis can push the number of poor persons by about 15 to 20 million by 2022.

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In another report, the Central Bank of Nigeria (CBN) has introduced a new set of initiatives to help Nigerians cope with the crippling economic effects of the COVID-19 pandemic.

The CBN governor, Godwin Emefiele, made this announcement at the recent quarterly Monetary Policy Review (MPR) meeting in Abuja.

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Part of the initiatives includes a N50 billion targeted loan facility for Nigerians who require small loans to start businesses or help their business stay afloat, and for those who might want to make consumptions that will help them live their normal lives amid the COVID19 pandemic.

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