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Nigerian Consumers Face Strain as Inflation Soars to Record 28.20%, Food Costs Surge 📉 🇳🇬

Nigerian Consumers Face Strain as Inflation Soars to Record 28.20%, Food Costs Surge 📉 🇳🇬

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#food
#economics and country risk
#Food
Nigeria grapples with an unprecedented 11th consecutive monthly rise in inflation, hitting a staggering 28.20%. November witnessed a surge in food prices by 32.84%, intensifying the economic challenges for households. As pressure mounts on the Central Bank, analysts emphasize the need for strategic measures to boost local production and curb the impact of inflation.

Nigeria experiences an alarming 11th consecutive monthly rise in inflation, reaching a record 28.20%, putting significant strain on households. Food prices, particularly staples like bread and yam, contribute to the economic challenges, with November's food inflation hitting 32.84%. Analysts highlight the imperative for the Central Bank to implement strategic measures, emphasizing the boost in local production as a key solution to alleviate the impact of inflation.


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