Nigeria's double-digit inflation climbed to 15.63% in December after eight straight months of decline as prices for food and non-food items rose, the statistics office said on Monday. Inflation, which has been in double digits since 2016, rose by 0.23 percentage points from 15.40% in November, it said. "The change must have been caused by the increase in the price of good and services as a result of the increase in demand during the festive season," said Simon Harry, head of the National Bureau of Statistics.
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Pfizer will add a production facility for its antiviral COVID-19 pill in France as part of a plan to invest 520 million euros ($594 million) in the country over the next five years, the U.S. drugmaker said on Monday. The decision is part of Pfizer's strategy to boost global production of the pill, paxlovid, which was found to be nearly 90% effective in preventing hospitalizations and deaths in patients at high risk of severe illness, according to clinical trial data. The investment will initially involve the production of active pharmaceutical ingredient (API) for paxlovid at a plant run by French pharmaceutical group Novasep, Pfizer said, noting that additional Novasep facilities will be added next year.