The inflation rate in Nigeria reached the all time high since 2017, in the month of December, 2020, NewsSpecng learnt.
National Bureau for Statistics (NBS) in its latest data released on Friday, put the country’s inflation rate at 15.75%, the highest in the last three years.
The inflation rate in the month of November stood at 14.89 per cent, marking the 16th straight month of increases.
The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.
The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November.
“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats,” it added.
The current inflation situation in the country has been described by Economists as “a hydra-headed monster that has eroded the disposable and discretionary income of consumers”.
The country’s inflation is siad to be largely driven by scarcity of forex, output and productivity constraints, higher logistics and distribution costs.
Meanwhile, the consumers are worst off given the reductions in subsidies, and improved tax mobilisation.
