BREAKING: Nigeria’s inflation soars to 15.75%, highest since 2017

The Nigeria inflation rate had jumped in December to its highest level in more than three years.

According to the data released on Friday by the National Bureau of Statistics Inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases.

The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

The NBS said the composite food index rose by 19.56 per cent in December 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

Analyst say consumer disposable income had been negatively affected by the hike in electricity tariffs, general reductions in subsidies, and improved tax mobilisation.

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