17 November 2012

Nigeria: Sanusi - Flooding Increased Food Inflation

Nigeria's food inflation accelerated last month after the recent flooding washed away farms, Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said.

Bloomberg, which quoted Sanusi to have made this remark at a conference organised in Lagos, however said the regulator did not mention October's food-inflation rate or how it affected the headline figure. Annual inflation slowed to 11.3 per cent in September from 11.7 per cent the previous month.

Food prices, which account for more than half of the consumer price index, rose 10.2 per cent from a year earlier; compared with 9.9 per cent in August.

"We already have an uptick for food inflation for last month; food prices have already come up," Sanusi said. "For many of those farmers, the floods have simply swept away their income for one year, and that's going to have an impact on our agricultural productivity," he added.

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