Nigeria’s inflation rate increased by 15.75percent in December 2020, the highest rate recorded in 3 years.
According to the latest Consumer Price Index report, released by the National Bureau of Statistics (NBS), the latest figure is 0.86 percent points higher than the rate of 14.89 percent recorded in November 2020.
On a month-on-month basis, the index increased by 1.61 percent in December 2020. This is 0.01percent point higher than the rate recorded in November 2020 (1.60 percent).
According to the NBS, the closely watched index rose sharply by 19.56 percent in December compared to 18.3 percent recorded in the previous month.
On a month-on-month basis, the food sub-index increased by 2.05 percent in December 2020, up by 0.01percent point from 2.04 percent recorded in November 2020.
The rise in the food index was caused by increases recorded in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.
The “All items less farm produce’‘ or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent in December 2020, up by 0.32 percent when compared with 11.05 percent recorded in November 2020.
Also, on a month-on-month basis, the core sub-index increased by 1.10 percent in December 2020. This was up by 0.39 percent when compared with 0.71 percent recorded in November 2020.
The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, shoes and other footwear, passenger transport by road, miscellaneous services relating to dwellings, hairdressing salons and personal grooming establishments, and repair of furniture.
Others include vehicle spare parts, pharmaceutical products, motor cars, maintenance and repair of personal transport equipment, paramedical services, motorcycle, dental services, and bicycles.