Nigeria’s inflation soars to 15.75%

The inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by the National Bureau of Statistics (NBS) showed.

Inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases.

The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

The NBS said the composite food index rose by 19.56 per cent in December from 18.30 per cent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats,” it added.

 

 

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