Nigeria Records Its Highest Food Inflation Jump Since 2016

Dried fruits and nuts in bulk bags at market
Nigeria records it’s highest food inflation jump by 1.26 per cent from 18.30 per cent back in November 2020 to 19.56 per cent in December the highest ever recorded since 2016. High Food Inflation

According to the statistics by the National Bureau Of Statistics released on Friday, 15 2021 for December 2020 Consumer price index/inflation report.
READ ALSO: Nigeria’s Inflation Rate Hit 14.89% In November – NBS

This is the highest jump in food inflation since May 2016 when it rose from 13.19 per cent in April of that year to 14.86 per cent.

Dried fruits and nuts in bulk bags at market

The NBS said 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.

According to the report, the all items index which measures inflation increased from 14.87 per cent in November to 15.75 per cent in December.

This represents an increase of 0.86 percentage points.

Photo Credit: Getty

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