Nigeria’s inflation hits 16.47 percent, food prices hit record high
Latest data from the National Bureau of Statistics show Nigeria’s inflation rate at 16.47 percent in January 2021 as against 15.75 percent recorded in December 2020.
According to the Consumer Price Index of the NBS, containing a report collated from 10,534 sources across the country, the food index rose to a record high to stand at 20.57 percent in January 2021 compared to 19.56 percent recorded in the previous month.
The rise in the food index resulted from increased prices for bread and cereals, tubers, meat, fruits, vegetables, fish, oils, and fats.
In the report, core inflation, exclusive of volatile agricultural produce prices stood at 11.85 percent in January 2021, up by 0.48 percent compared with 11.37 percent recorded in December 2020.
In December, Nigeria’s inflation rate hit 15.7 percent on a year-on-year basis, the highest recorded in three years.
The CPI report showed an increase of 0.86 percent points higher than the 14.89 percent rate in November 2020.
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