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Nigeria Records Highest Jump In Food Inflation Since 2016

Nigeria’s food inflation increased by 1.26 percent from 18.30 percent in November 2020 to 19.56 percent in December.

 

This is according to the December 2020 consumer price index/inflation report released by the National Bureau of Statistics, NBS, on Friday, Jan 15, 2021.

 

This is the highest jump in food inflation since May 2016 when it rose from 13.19 percent in April of that year to 14.86 percent.

 

The NBS said the increase in food inflation was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

 

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

 

This represents an increase of 0.86 percentage points.

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Written by PH

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