BREAKING! Inflation rises to 12.13%

Nigeria’s annual inflation accelerated to 12.13% in January from 11.98% in December, the National Bureau of Statistics said on Tuesday.

A separate food price index showed inflation at 14.85% in January, compared with 14.67% in December.

The 12.13 per cent inflation rate represents an increase of 0.15 percentage point over the index recorded in December last year.

An analysis of the NBS report revealed that the inflation rate of 12.13 per cent is the highest recorded by the economy in the last 22 months.

The last time Nigeria’s inflation rate was as high as 12.13 per cent was in April 2018 when the CPI rose to 12.48 per cent.

The report reads in part,

“Consumer price index, which measures inflation increased by 12.13 per cent (year-on-year) in January 2020.

“This is 0.15 per cent points higher than the rate recorded in December 2019 (11.98) per cent.”

On a month-on-month basis, the index increased by 0.87 per cent in January 2020.

This is 0.02 per cent rate higher than the 0.85 per cent recorded in December 2019.