Nigeria's inflation rate rises to 16.5% in January, the highest since 2017

Nigeria's inflation rate rose by 0.71 per cent to stand at 16.5 per cent in January from 15.8 per cent in December 2020. This represents the 17th monthly rise in inflation since September 2019 where it stood at 11.24 per cent.

The National Bureau of Statistics disclosed this today in its Consumers’ Price Index Report for January 2021. The bureau noted that food inflation also rose by 1.01 percentage points to 20.57 per cent in January from 19.6 per cent in December last year.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.

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