Data from the National Bureau of Statistics shows that increase in food prices has forced Nigeria’s inflation for January 2020 to be 0.15 percent points higher than the rate recorded in December 2019.
Data from the National Bureau of Statistics shows that food prices have forced Nigeria’s inflation for the month of January 2020 to hit 12.13 percent, recording five months of consecutive increase.The report from NBS released on Tuesday stated that the composite food index rose by 14.85 percent in January 2020 compared to 14.67 percent in December 2019, and
“In January 2020, food inflation on a year on year basis was highest in Sokoto , Ogun and Nasarawa , while Bayelsa , Delta and Benue recorded the slowest rise.”On a month on month basis, food inflation was highest in Ondo , Anambra and Abuja , while Benue, Kogi and River recorded price deflation.
The country’s inflation rate had dropped from 11.40% in May 2019 to 11.02% recorded in August, but the recent rise in inflation started in September with 11.24%. In October 2019, it rose to 11.61% which experts believe the rise in inflation rate may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders.
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