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Inflation Rate Jumps To Three Year High

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Nigeria’s inflation rate jumped in December to its highest level since 2017 according to data released by the National Bureau of Statistics.

Month on month inflation according to the NBS stood at 15.75 per cent in December. The increase from 14.89% in November was the 16th 16th straight monthly increase of the inflation rate.

The figures also revealed that the consumer inflation rate for the month of December was a three year high when it stood at 15.90 per cent.

The bureau also disclosed that the composite food index rose to 19.56 per cent in December up from 18.30 percent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats,” the NBS said.

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