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Financial News: Nigeria Inflation At 20-Month High

Nigeria Inflation At 20-Month High

01/17/2020 - 07:00:00 (RTTNews)

(RTTNews) - Nigeria's consumer price inflation rose to the highest level in twenty months in December, figures from the National Bureau of Statistics showed on Friday.

The consumer price index rose 11.98 percent year-on-year in December, following a 11.85 percent increase in November.

The latest inflation was the highest since April 2018, when it was 12.48 percent.

Food prices grew to 14.67 percent annually in December versus 14.48 percent increase in the preceding month. On a monthly basis, food prices rose 0.97 percent in December.

On a month-on-month basis, consumer prices rose 0.85 percent in December, slower than 1.02 percent in the previous month.

The core inflation rate, which excludes volatile prices of the agricultural produce, increased 9.33 percent in December, following a 8.99 percent in the preceding month.

On a monthly basis, the core CPI rose 0.81 percent in December, following a 0.79 percent rise in the previous month.

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