Trouble for economy as Nigeria’s inflation reaches highest level in 32 months

Trouble for economy as Nigeria’s inflation reaches highest level in 32 months

- A report from the NBS shows that the Nigerian economy is experiencing some challenges

- The data from the bureau indicates that the price of commodities in the country have continued to rise

- The Nigerian economy has been battered by the effects of the COVID-19 pandemic

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The National Bureau of Statistics (NBS) has disclosed that Nigeria’s inflation rose to 15.75 % in December 2020, its highest level in 32 months.

According to figures released by Yemi Kale, the CEO of the NBS via Twitter on Friday, January 15, prices rose by 0.86 % from the 14.89 % recorded in November 2020.

Trouble for economy as Nigeria’s inflation reaches highest level in 32 months
Nigerians in recent times have been complaining of the rise in the price of food. Photo: Reuters,
Source: UGC

The data also showed that an increase in food prices pushed the food index higher by 19.56 %, while core inflation inched up by 0.32 % to 11.37 % in December 2020.

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The NBS statement read in part:

"The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.
“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent."

The bureau explained that the rise in the food index caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils, and fats.

In other news, the ministry of finance has confirmed the plan by the Nigerian government to sell some government-owned properties to fund the 2021 budget.

Nigeria’s finance minister, Zainab Ahmed, at a presentation in Abuja on Tuesday, January 12, told stakeholders that the government plans to sell and concession government-owned properties and non-oil assets.

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According to Premium Times, a copy of the presentation by the minister showed that the sales of government property and non-oil asset sales were listed under the additional financing section of the document.

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