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Nigeria’s inflation hits rooftop with 15.75%, highest since 2017

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The inflation rate in Nigeria reached its highest in December standing at 15.75 per cent, away from the 14.89 per cent in November, according to data released by the National Bureau of Statistics (NBS) on Friday.

The latest rate marks the highest level in more than three years when it stood at 15.90 per cent in November 2017.

It also marked the 16th straight month of increases as NBC noted that composite food index rose by 19.56 per cent in December from 18.30 per cent in November.

The report said: “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.”

Further data by StatiSense, citing NBS as reference, showed the food inflation rate from January to December of 2011 to 2020 as follows:

  • 2011: 10.26% — 11.02%
  • 2012: 13.05% — 10.20%
  • 2013: 10.11% — 9.25%
  • 2014: 9.27% — 9.15%
  • 2015: 9.21% — 10.59%
  • 2016: 10.64% — 17.39%
  • 2017: 17.82% — 19.42%
  • 2018: 18.92% — 13.56%
  • 2019: 13.51% — 14.67%
  • 2020: 14.85% — 19.55%

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