According to the latest Consumer Price Index report, released by the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased by 15.75 percent (year-on-year) in December 2020. This is the highest rate recorded since 2017.
The report showed that the latest figures are 0.86 percent points higher than the rate of 14.89 percent recorded in November 2020. On a month-on-month basis, the index increased by 1.61percent in December 2020. This is 0.01percent point higher than the rate recorded in November 2020 (1.60%).
According to NBS, “The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 percent, representing a 0.33 percent point increase over 12.92 percent recorded in November 2020.
“On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).
“The urban inflation rate increased by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020 from 14.33 percent in November 2020.”
In the month of December 2020, Bauchi State recorded the highest inflation rate at 19.85%, closely followed by Kogi State with an inflation rate of 18.4%. Others include Edo (18.1%), Zamfara (17.9%), and Sokoto (17.6%).
Since January 2020, Nigeria’s inflation has constantly increased in the twelves months. The country started at 12.13 percent and closed the year with 15. 75 percent.