Nigeria records highest inflation rate in 3 years

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Nigeria has recorded its 16th straight month of inflation-rate increase, according to the December 2020 consumer price index/inflation report released by the National Bureau of Statistics on Friday.

The report revealed that inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November.

The consumer inflation rate in December also stood at 15.90 per cent, which was the highest since November 2017.

In the same vein, the country’s food inflation increased by 1.26 percent on a year-on-year basis from 18.30 percent in November 2020 to 19.56 percent in December.

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It was the highest rate of food inflation in Nigeria since May 2016, when it rose from 13.19 percent in April of that year to 14.86 percent.

The increase, the report noted, was caused by bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils and fats.

 

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