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High food prices push Nigeria’s annual inflation - The Exchange

Nigeria’s high food prices pushed annual inflation last month after borders with neighbouring countries were closed in a crackdown on smuggling.

In August, Nigeria closed parts of its borders to fight smuggling of rice and other goods.

The head of customs confirmed last month that all trade in goods through land borders had been halted indefinitely.

On Monday the National Bureau of Statistics said, Nigeria’s annual inflation was 11.61% in October a rise from 11.24% in September, noting that it is the highest rate since May 2018.

A separate food price index showed inflation at 14.09% in October, compared with 13.51% September.

“This rise in the food index was caused by increases in prices of meat, oils and fats, bread and cereals, potatoes, ham and other tubers, fish and vegetables,”  said the statistics office in its report.

The chief economist for Africa and the Middle East at Standard Chartered, Razia …