Nigeria's inflation soars to 15.75%, highest since 2017

16 Janvier, 2021, 07:16 | Auteur: Auguste Feret
  • Nigeria monetary policy makers balk at rising inflation

"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, stakeholders, attributed to demand pressure associated with the Yuletide period and the lingering effects of border closure, increase in Value-Added Tax, electricity tariffs and the pump price of fuel.

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

Nigeria's inflation rose to 15.75 per cent in December, its highest level in 32 months, Abuja-based National Bureau of Statistics said on Friday, as President Muhammadu Buhari's order reopening the country's borders to trade failed to arrest the relentless climb in the cost of living.

The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November. Increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

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On month-on-month basis, the NBS explained that the Headline index increased by 1.61 percent in December 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 per cent, 0.42 per cent points from the average annual rate of change recorded in November 2020 (15.75) per cent.

According to the report, the all items index which measures inflation increased from 14.87 percent in November to 15.75 percent.

The NBS said: "The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 per cent in December, up by 0.32 per cent when compared with 11.05 per cent recorded in November".

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