Bad news as NBC reports Nigeria's inflation hits 16.47 percent

- Nigeria's inflation is now at 16.47% according to the National Bureau of Statistics

- Also, food inflation rose to 20.57% in January, from 19.56% in December

- Many Nigerians have however reacted to the latest development

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates

The National Bureau of Statistics (NBS) on Tuesday, February 16, released the inflation rate of the country.

According to the NBS, the country's inflation rose to 16.47% in January 2021, adding that food inflation as well rose to 20.57% in January, from 19.56% in December.

Disclosing this on his Twitter page, statistician general of the Federation/CEO Nigerian National Bureau of Statistics Dr Yemi Kale wrote:

"Headline Inflation at 16.47% in January 2021 from 15.75% in Dec 2020. Food inflation at 20.57% in Jan 2021 from 19.56% in Dec 2020. Core Inflation at 11.85% in Jan 2021 from 11.37% in Dec 2020."

Read also

List: How Nigeria's minimum wage compares with 12 other countries

"Headline Inflation at 1.49% in Jan 2021 from 1.61% in Dec 2020. Food inflation at 1.83% in Jan 2021 from 2.05% in Dec 2020. Core Inflation at 1.26% in Jan 2021 from 1.10% in Dec 2020."

Meanwhile, recall that Legit.ng reported that NBS 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, prices rose by 0.86 % from the 14.89 % recorded in November 2020.

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.

---

Aanu Adegun is a politics and current affairs content editor at Legit.ng with over 7 years of experience in both digital and traditional media. A graduate of English Studies from Adekunle Ajasin University, Akungba Akoko, Ondo state, Aanu started his journalism career as a features writer. Aanu, who is also a creative writer has written books and children magazines. He once anchored some specialised pages of a national newspaper. Aanu is also a satirist.

Source: Legit.ng