Nigeria’s Inflation Level Rises To 15.75 Percent – NBS

• Urban inflation also rose by 16.33 percent year on year, while the rural inflation rate stood at 15.20 percent in December

Data released by the National Bureau of Statistics (NBS), on Friday, has revealed that Nigeria’s Inflation rate closed 2020 on a high hitting 15.75 per cent in December.

This is the country’s highest level in three years and an increase by 0.86 percent from the 14.89 percent recorded in November last year.

Read also: Nigeria Records Highest Inflation Of 13.22% In 2020

“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 NBS statistics stated.

The NBS statistics also shows that a spike in food prices pushed the food index higher by 19.56 percent, while core inflation inched up by 0.32 percent to 11.37 percent in December.

According to the NBS, the increase in the food index was occasioned by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils, and fats.

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