Nigeria’s inflation surges to 16.47%, highest in 45 months

The inflation rate in Nigeria rose further in January to its highest level in 45 months, official data showed on Tuesday.

The National Bureau of Statistics said inflation rate increased from 15.75 percent in December to 16.47 percent in January, its highest since April 2017.

It said the composite food index rose by 20.57 percent in January, compared to 19.56 percent in December.

“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,” the NBS said.

It said core inflation, which excludes the prices of volatile agricultural produce, stood at 11.85 percent in January, up by 0.48 percent when compared with the 11.37 percent recorded in December.

“The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, motor cars, miscellaneous services relating to the dwelling, maintenance and repair of personal transport equipment,” the statistics office said.

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