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

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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.

This an increase by 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.

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