Food prices soar as Nigeria’s Inflation hits 16.47%

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 which also placed Nigeria’s inflation rate at 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.

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.

More details shortly…

Suzan O/NBS/Nairametrics