Nigeria’s Inflation hits 15.75%, highest level in three years

By AdvocateNews on 15/01/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 458


The inflation rate in Nigeria closed 2020 on a high hitting 15.75 percent in December, its highest level in three years.

This is according to statistics released on Friday by the National Bureau of Statistics.a

It shows an increase of 0.86 percent from the 14.89 percent recorded in November last year.

“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 revealed in its statistics.

The spike beats the expectations of analysts at the financial derivatives company who had projected an increase to 15.4 percent, largely driven by forex rationing, output and productivity constraints, higher logistics and distribution costs.

Data released by the NBS also shows that an increase 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.

“The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent,” the NBS statement read in part.

This rise in the food index according to the NBS was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and fats.

Similarly, urban inflation also rose by 16.33 percent year on year, while the rural inflation rate stood at 15.20 percent in December.

In December 2020, all items inflation on year to year basis was highest in Bauchi (19.85%), Edo (18.15%), and Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%), and Abia (13.30%) recorded the slowest rise in headline year on year inflation.

Posted 15/01/2021 5:22:02 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
PDP NWC considers waiver for Obaseki, postpones primary...

I’ve raped 50 women, robbed 100 houses –...

Security: Enugu royal fathers, community leaders pass vote...

Buhari approves posting of 95 Ambassadors

Fed Govt begs Nigerians over bad roads

2019: Nigeria can’t grow with rigged elections —...

Supreme court dismisses perjury suit against Muhammadu Buhari,...

Presidential Election: PDP demands Stoppage of Collation of...

TY Danjuma’s statement urging Nigerians to pick up...

Atiku’s beverage company workers protest alleged maltreatment

NNPC disengages 400 staff, appoints Obateru, new spokesperson...

I’m spending BBNaija prize on my mum first...

 

Latest News Kagara Abduction: Kidnappers threaten to starve the Schoolboys to death Boko Haram: Death toll in rocket attack on Maiduguri rises to 16 Another leader of Oruku community shot dead – Enugu Police Command BANDITRY AS RESOURCE CONTROL Gunmen kill four Police officers, raze three stations in Abia FRSC Corps Marshal directs officers to impound rickety vehicles nationwide Senate confirms Abdulrasheed Bawa as EFCC Chairman SEEDS OF DESTINY FEB 23, 2021: A THREAT TO THE DEVIL Ortom knocks Bala Mohammed, calls him a terrorist Sheikh Gumi met with bandits near military post, says ex-DSS director CBN, NFIU reverse $3m Cryptocurrency fraud Petrol landing cost rises to N186.33 per litre

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (52,913 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (39,067 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (33,117 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (31,327 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (31,326 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (31,192 views) ASUU strike: Senate intervention ends in deadlock (30,217 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (29,997 views) Ebonyi bans embalming of corpses in homes (29,061 views) Sickle cell support group seeks government intervention (28,935 views) All you need to know about Peter Obi, PDP VP Candidate (28,615 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (26,078 views)

 

SECTIONS FAITH (71) EDITORIAL (14) NEWS (4,602) POLITICS (480) SOCIETY (124) SPORTS (41) BUSINESS (343) HEALTH (48) EDUCATION (42) ENTERTAINMENT (31) INTERNATIONAL (136) TECHNOLOGY (1) COLUMNISTS (38) LETTERS (3) OPINION (27)

 

 


There are no video entries posted yet.