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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
NBA Ibadan to boycott Oyo judiciary’s new legal year event
The branch said it unanimously reached the boycott decision at its general meeting convened on Saturday.
Heading 1
Under Buhari Nigeria was collapsing before Tinubu came as saviour: Shettima
Mr Shettima stated Nigerians should be kind towards Mr Tinubu.
States
Kano governor condoles NIPR chairman over father’s death
The governor urged the bereaved family to take solace in the good virtues and legacies left behind by the deceased.
![Vessels along Strait of Hormuz (Photo credit: Benoit Tessier/File Photo/Reuters]](https://gazettengr.com/wp-content/uploads/cxk79fQB.jpg)
World
Iran lists seven conditions to reopen Strait of Hormuz
Mr Ghalibaf said accepting the seven demands was the only way to reopen the oil passageway.
States
Two suspected cultists nabbed in Delta for alleged murder
Mr Edafe said the suspects were apprehended on Thursday by the command’s operatives of the Violent Crime Response Unit.
Lagos
Tinubu visits Oba of Lagos, receives monarch’s counsel, prayers
Some APC stalwarts, political associates and other dignitaries were part of the visit.
