BY AHMED TAHIR AJOBE
Nigeria’s inflation rate has spiked by 15.75 percent with Bauchi and Kogi states emerging the worst hit in December 2020.
A Consumer Price Index report released by the National Bureau of Statistics (NBS) states that the current inflation rate was the highest in three years.
The index showed that Bauchi State recorded the highest inflation rate at 19.85 percent, followed by Kogi State with 18.4 percent.
Others include Edo with 8.1 percent, Zamfara 17.9 percent, and Sokoto 17.6 percent.
In terms of food inflation, Edo State also recorded the highest rise in inflation with 24.1 percent, followed by Kogi 23.16 percent, Sokoto 22.2 percent, while Kwara and Zamfara states recorded 22.1 percent and 21.7 percent respectively.
21st Century Chronicle reports that the latest overall figure is 0.86 percent points higher than the rate of 14.89 percent recorded in November 2020.
The index indicated that food inflation rose by 19.56 percent in December compared to 18.3 percent recorded in the previous month, while core inflation stood at 11.37 percent, up by 0.32 percent when compared to 11.06 percent recorded in November 2020.
The closely watched index rose sharply by 19.56 percent in December compared to 18.3 percent recorded in the previous month.
It showed that on a month-on-month basis, the food sub-index increased by 2.05 percent in December 2020, up by 0.01 percent points from 2.04 percent recorded in November 2020.
The rise in the food index was said to have been caused by increases recorded in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.