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UPDATED: Food Prices Force Inflation To Hit 12.13% Rise In January

A file picture taken at a meals market

 

Information from the Nationwide Bureau of Statistics (NBS) exhibits that meals costs have pressured Nigeria’s inflation for the month of January 2020 to hit 12.13 %, recording 5 months of consecutive improve.

The rise is zero.15 % factors greater than the speed recorded in December 2019 (11.98 %).

The report from NBS launched on Tuesday said that the composite meals index rose by 14.85 % in January 2020 in comparison with 14.67 % in December 2019, and

It revealed that the rise within the meals index was attributable to will increase in costs of Bread and Cereals, Meat, Oils and fat, Potatoes, yam and different tubers and Fish.

“In January 2020, food inflation on a year on year basis was highest in Sokoto (19.08%), Ogun (18.72%) and Nasarawa (17.07%), while Bayelsa (12.91%), Delta (11.57%) and Benue (11.33%) recorded the slowest rise.”

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On a month on month foundation, meals inflation was highest in Ondo (2.95%), Anambra (2.61%) and Abuja (2.57%), whereas Benue, Kogi and River recorded value deflation.

In the meantime, city inflation charge elevated by 12.78 % in January 2020, whereas the agricultural inflation charge elevated by 11.54 % in the identical month in assessment.

The nation’s inflation charge had dropped from 11.40% in Could 2019 to 11.02% recorded in August, however the latest rise in inflation began in September with 11.24%.

The Central Financial institution of Nigeria Governor, Mr Godwin Emefiele, expressed his displeasure on the inflationary strain however was fast to guarantee that the pattern will witness a right away turnaround.

In October 2019, it rose to 11.61% which consultants consider the rise in inflation charge could also be related to the continued border closure which had made it tough for merchandise to be exported and imported into the nation by way of the land borders.

However NBS famous in its inflation report that the border closure had not began to replicate on the financial system because the border was solely closed on 20th August 2019

The month of November was no totally different because it witnessed a 3rd consecutive rise to 11.85 P.c at the same time as the results of the border closure bit tougher on shopper items.

Once more in December, inflation elevated by 11.98, greater than the 11.85 % recorded in November, with composite meals index rising by 14.67 %.

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