BREAKING: Panic As Nigeria’s Inflation Rate Hits 16.47%

BREAKING: Panic As Nigeria’s Inflation Rate Hits 16.47%—Nigeria’s inflation rate rose to 16.47% (year-on-year) in January 2021 as against 15.75% recorded in December 2020.

The Genius Media Nigeria reports that this is according to the latest Consumer Price Index report, released by the National Bureau of Statistics.

The food index rose sharply to a record high to stand at 20.57% in January 2021 compared to 19.56% recorded in the previous month.

While the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85% in January 2021, up by 0.48% when compared with 11.37% recorded in December 2020.

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