Nigeria’s inflation rate has climbed to a 32-month high, as it rose further to 15.75 percent in December from 14.89% in November 2020, the latest figures by the National Bureau of Statistics (NBS) has shown.
The report published on the website of the bureau shows that food inflation rose to 19.56%, while core inflation rose to 11.37% in December from 11.05% in November 2020.
The latest spike marks the 16th consecutive month of inflation in Nigeria’s economy.
The report shows the increase in food inflation was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish, and oils and fats.
The urban inflation rate increased by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020 from 14.33 percent in November 2020,” the report read.
“Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent in December 2020, up by 0.32 percent when compared with 11.05 percent recorded in November 2020.”
In December, all items inflation on a year-on-year basis was highest in Bauchi (19.85 percent), Edo (18.15 percent) and Kogi (18.40 percent), while Lagos (14.05 percent), Kwara (13.91 percent) and Abia (13.30 percent) recorded the slowest rise
The country’s inflation has been on the rise since the country shut its land borders. The situation became worse due to the coronavirus pandemic that has affected the global economy.
The economy is yet to recover from the impacts of coronavirus and the plunge in crude prices, with the country currently in recession.
In the report, the composite food index rose to 18.30% percent in October 2020 compared to 17.38% per cent in September 2020.