Nigeria’s inflation rate has hit 12.13%, setting a new record for the Nation’s inflation record in about two years.
According to data released by the National Bureau of Statistics on Tuesday, the consumer price index, which measures inflation, rose to 12.13% in January; hitting its highest point in 20 months.
According to the data, the index increased from the 11.98% recorded in December to 12.13%.
The latest data from the National Bureau of Statistics (NBS) stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019.
It revealed that the rise in the food index was caused by increases in prices of Bread and Cereals, Meat, Oils and fats, Potatoes, yam and other tubers and Fish.
“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08%), Ogun (18.72%) and Nasarawa (17.07%), while Bayelsa (12.91%), Delta (11.57%) and Benue (11.33%) recorded the slowest rise.”
On a month on month basis, food inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), while Benue, Kogi and River recorded price deflation.