Just in: Food prices shoot up as inflation rises to 11.30% in November 2018

Prices of food in the country went up in the month of November 2018 due to the rise in inflation which stood at 11.28% year-on-year from 11.26% in October 2018.

The latest data was revealed by the Nigerian National Bureau of Statistics (NBS) in a tweet on Friday, December 14.

The NBS stated that food inflation on a year on year basis was highest in Edo - 16.52%, Imo - 15,40%, and Bayelsa - 15.36%.

It said the food inflation on a year on year basis was lowest in Kogi -11.50%, ABia - 11.24% and Oyo - 10.84%.

Meanwhile, the Central Bank of Nigeria (CBN) has predicted that inflation rate in the country is expected to rise for the rest of 2018 till mid-2019 due to the forthcoming elections.

Godwin Emefiele, the governor of the CBN, made the disclosure when giving a speech at a bankers’ dinner in Lagos, The Sun reports.

He, however, stated that despite this gloomy picture, the short-term outlook of the Nigerian economy remains good.

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