Nigeria’s inflation rate rose to 15.75 percent in December 2020, a 0.86 percent increase from 14.89 percent in November, the National Bureau of Statistics (NBS) said Friday morning in its monthly inflation report.
The statistics office disclosed that food inflation surged to 19.56 percent last month, representing a 1.26 percent increase from 18.30 percent recorded in November.
The cost of food items such as bread and cereals, fish, fruits, potatoes, yam and other tubers, meat and vegetables recorded the highest increase last month, the NBS’ Consumer Price Index report, which measures increase in prices of goods and services noted.
Experts who spoke to newsmen had rightly predicted that Nigeria’s inflation was very likely to rise as high as 15 percent before the end of 2020.
The nation’s economy has yet to exit recession since it plunged into its second economic meltdown under the Buhari presidency last November.