Nigeria inflation hits 4-month high
Fin24 - Dec 18th 2012, 07:35
Abuja - Nigeria's consumer inflation rose to its highest in four months in November as the impact of the country's worst flooding in 50 years pushed up the cost of food, data showed on Monday.
Headline inflation quickened to 12.3% year-on-year in November, from 11.7% in October and the highest since July, the National Bureau of Statistics (NBS) said.
Food inflation, the biggest contributor to the consumer index, rose to 11.6% year-on-year in November, from 11.1% in October.
"Higher food prices continue to reflect the impact of recent floods on the production of farm produce, (and the) resulting difficulty of moving food products to markets across the country," the NBS said in a report.
Nigeria's worst flooding in at least half a decade between July and mid-October killed 363 people and displaced 2.1 million, the national emergency agency said.
Core inflation, which excludes volatile agriculture items, jumped to 13.6% year-on-year in November, from 12.4% in October. The central bank closely watches the core index when making interest rate decisions.
"Increases in the core index was as a result of ... higher housing, electricity, gas (prices) ... in particular rent prices, increased liquid fuel prices such as kerosene ... air transportation costs, and clothing prices," the NBS said.
Nigeria's central bank kept interest rates on hold at 12% last month for the seventh time in a row, resisting calls to reduce lending costs because of concerns over inflation.
SA consumer inflation rate falls
24/10/2013 - 12:05
Johannesburg - South Africa’s inflation rate fell from the highest level in four years to 6 percent in September.
Asian bacteria threatens Florida oranges
14/10/2013 - 09:13
Washington - Citrus production in Florida, the world's second largest orange juice supplier after Brazil, is being threatened by a bacteria from Asia that has scientists racing for a remedy.
Namibia Breweries Limited earnings expected to be lower by N$190 million in September
03/10/2013 - 12:31
Namibia Breweries Limited (NBL) said earlier in September that it expects basic earnings per share to be materially lower than the prior year by between 66% and 68% in the year ended 30 June. The company said in a trading statement published by the Namibia Stock Exchange that the decline is attributed to the impairment of a deferred tax asset related to DHN Drinks.
China VAT hike to hit SA consumers
30/09/2013 - 15:54
Johannesburg - China's decision to place a 6% VAT charge on freight and related costs is going to have an impact on the importing price from China, warned Asgar Mahomed, managing director of ICT distributor, Esquire Technologies.
Nigeria inflation hits new five-year low
20/09/2013 - 09:07
Abuja - Nigeria's year-on-year consumer inflation fell to 8.2% in August, lower than July's 8.7% figure, the statistics bureau said on Tuesday, and touching a new 5-year low.