BEVERLY HILL, January 15, (THEWILL) – Nigeria’s inflation rate rose to 15.75 per cent in December 2020, hitting the highest level in 32 months, according to data by the National Bureau of Statistics released Friday.
This is 0.86 per cent rise month-on-month compared to November rate of 14.89 as cost of food and transportation continue to push the Consumer Price Index in Nigeria’s struggling economy.
November’s inflation rate of 14.89 per cent (from October’s 13.68 per cent) marked 16th consecutive month that inflation would increase in Nigeria.
The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, had predicted that double-digit inflation in the country will remain and average at 16 per cent in 2021.
He also predicted the Central Bank of Nigeria (CBN) will focus its monetary policy objectives on the attainment of price stability in 2021.
The spike in inflation rate shows that reopening of Nigeria’s borders to trade has failed to, immediately, arrest climbing inflationary trend and continued rise in cost of living.
More details later …..
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
