Nigeria’s inflation rate rose year on year from 11.44% as at the end of 2018 to 11.98% by December 2019. This was disclosed in the latest inflation report released by the National Bureau of Statistics (NBS).
According to the NBS report, month on month, inflation rose by 11.98% in December, higher than the rate (11.85%) recorded in November 2019 and 11.61% in October. The inflation rate in Nigeria rose for the 4th consecutive month as the spiral effect of border closure continues to drag on the economy.
Food inflation, a closely watched component of the inflation index, rose by 14.67% in December 2019 compared to 14.48% recorded in November 2019. According to the NBS, the rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Oils and fats, Potatoes, yam and other tubers.
On a month-on-month basis, the food sub-index rose by 0.97% in December 2019, down by 0.28% points from 1.25% recorded in November 2019. The average annual rate of change of the Food sub-index for the twelve-month period ending December 2019 was 13.74% from November 2019 (13.65%).