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Nigeria’s inflation rate rose to nearly four-year high in January, as the consumer price index jumped 16.47 percent on an annual basis, the National Bureau of Statistics said Tuesday.
This is the highest figure for inflation recorded in the country since April 2017.
It stated that the figure is 0.71 percentage points higher than the 15.75 percent recorded in December 2020.
Food inflation rose by 101bps to 20.57% on a 12-month basis in January 2021. This is the highest level this has inflation component has attained since the NBS started keeping the current series of data, the agency noted.
NBS noted that the highest price increases were recorded inbBread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetables, fish, oils, and fats.
Nigeria is currently experiencing food shortages as a result of clashes between farmers and herdsmen who invade farms with their cattle chasing away farmers, sometimes killing them.
