The consumer price index, (CPI) which measures inflation accelerated by 15.75 percent in December 2020, a 0.86 percent point increase from 14.89 percent in November 2020, marking the 16th-consecutive uptrend since September 2019 and the highest in 33 months, a BusinessDay analysis shows.
Data from the December 2020 inflation report by the National Bureau of Statistics (NBS) released this morning, showed that inflation rose month-on-month by 1.61 percent, which is 0.01 percentage points higher than 1.60 percent recorded in November 2020.
Food inflation rose by 19.56 percent month-on-month compared to 18.30 percent in November 2020.
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The major drivers of the rise in Nigeria’s food index are bread, cereal, meat, fruits, vegetables, oil & fat, potatoes, fish, yam and other tubers.
Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent month-on-month, up 0.32 percent compared to 11.05 percent in November 2020.
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