Nigeria’s inflation hit 15.75% in December 2020, breaking 3-year record

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo 

Nigeria’s inflation rate increased by 15.75% (year-on-year) in December 2020, the highest rate recorded in 3 years.

According to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS), the latest figure is 0.86% points higher than the rate of 14.89% recorded in November 2020.

On a month-on-month basis, the index increased by 1.61% in December 2020. This is 0.01% point higher than the rate recorded in November 2020 (1.60%).

In foods inflation, the index rose by 19.56% in December compared to 18.3% recorded in the previous month.

Also, the food sub-index increased month by month by 2.05% in December 2020, which was an 0.01% point increase from 2.04% recorded in November 2020.

The rise in the food index was caused by increases recorded in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

The “All items less farm produce’‘ or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37% in December 2020, up by 0.32% when compared with 11.05% recorded in November 2020.

The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, shoe and other footwear, passenger transport by road, miscellaneous services relating to dwellings, hairdressing salons and personal grooming establishments, and repair of furniture.

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