Nigeria’s inflation jumps to over three-year high at 15.75%

Nigeria’s inflation rate in December rose to its highest in more than three years, the National Bureau of Statistics said on Friday.

Annual inflation rate jumped to 15.75 percent last month, its highest since November 2017 when it rose to 15.90 percent, NBS said in its monthly inflation report.

Inflation in November last year was 14.89 percent.

The jump in this measure of the general price level was the 16th straight month of increases.

 

According to the NBS composite food index rose by 19.56 per cent in December from 18.30 per cent 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.

Analysts have blamed increases in Nigeria’s food inflation on disruption on farming activities caused by insecurity as herders and kidnappers attack farmers on their farms.