Inflation Rate Rises to 20-Month High

• Inflation Rate Rises to 20-Month High

Nigeria’s inflation rate rose to a 20-month high of 11.98 percent year-on-year in the month of December 2019, the National Bureau of Statistics (NBS) stated.

This was 0.13 percent higher than the 11.85 percent recorded in the month of November and represents the fourth consecutive month of increase.

On a monthly basis, inflation grew by 0.85 percent in December 2019, a 0.17 percent lower than the 1.02 percent recorded in November.

Inflation has been on the rise since President Muhammadu Buhari ordered the closure of Nigerian land borders to curb smuggling and plug leakages.

Food inflation rose to 13.74 percent year-on-year in December from 13.65 percent in the month of November. While on month-on-month basis it declined by 0.28 percent from 1.25 percent achieved in November to 0.97 in December.