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Friday, May 24, 2024

Nigeria Hits Highest Inflation Rate In 3 Years

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The Nigerian Bureau of Statistics NBS, has confirmed that the Giant of Africa has hit its highest inflation in the last 3 years, hitting 15.75 percent in December, 2020.
This was made known in a report the bureau released today 15th January, titled the CPI and Inflation Report December 2020. According to the report, the inflation sees an increase by 0.86 percent from the 14.89 percent recorded in November last year.
“The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent. The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.”
Read also: Buhari’s 2021 Budget Not Capable of Tackling Nigeria’s Recession – House of Reps
“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent”, the NBS report reads in part.
A part of the NBS report
Photos Credit: Getty
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