Nigeria's inflation hits 16.47% as food prices soar to record high

Nigeria’s inflation rate rose to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.

This is according to the latest Consumer Price Index report, released by the National Bureau of Statistics.

The food index rose sharply to a record high to stand at 20.57% in January 2021 compared to 19.56% recorded in the previous month.

While the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85% in January 2021, up by 0.48% when compared with 11.37% recorded in December 2020.

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