ABUJA, Dec 16 - Nigeria's inflation rate has increased for the third consecutive month, reaching 34.60% in November, up from 33.88% in October, according to data from the national statistics agency.
The rise in inflation began in September after a brief decline in July and August, attributed to the fading effects of naira devaluation. The situation has been worsened by a series of petrol price hikes, contributing to a severe cost-of-living crisis in the country.
In response, the central bank has raised interest rates six times this year, totaling an increase of 875 basis points, in an effort to control inflation.