Nigeria’s Inflation Rate Skyrockets, Hits Highest Level In Three Years

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Nigeria's Inflation Rate Skyrockets, Hits Highest Level In Three Years

The inflation rate in Nigeria has skyrocketed to its highest level in more than three years according to the latest data released by the National Bureau of Statistics showed.

The data released on the Bureau’s website on Friday said inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases.

Similarly, the consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats.”

The report added that on a month-on-month basis, the core sub-index increased by 1.10% in December 2020. This was up by 0.39% when compared with 0.71% recorded in November 2020.

Nigeria’s Inflation Rate Skyrockets, Hits Highest Level In Three Years, Ijaw News - Niger Delta Stories
Nigeria's Inflation Rate Skyrockets, Hits Highest Level In Three Years 2 Ijaw News - Niger Delta Stories

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