Nigeria records highest inflation rate in 21 months
The latest inflation rate is the highest in 21 months.
The country's inflation jumped from the 11.98% recorded in December 2019, to 12.3%, which happens to be the highest in 21 months.
The consumer price index, (CPI) which measures inflation, increased by 12.13% (year-on-year) in January 2020. This is 0.15 percentage points higher than the rate recorded in December 2019 (11.98%).
The report reads in parts, “On a month-on-month basis, the headline index increased by 0.87% in January 2020, this is 0.02% rate higher than the rate recorded in December 2019 (0.85%)."
According to the report, the urban inflation rate rose to 12.78% year-on-year in January 2020 from 12.62% in December 2019, while the rural inflation rate increased by 11.54% in January 2020 from 11.41% in December 2019.
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