Nigeria’s annual inflation rate climbed for a 17th straight month to 16.47% in January of 2021, according to figures released by Nigeria’s National Bureau of Statistics.
It was the highest inflation rate since April of 2017, as food inflation hit an over 12-year high of 20.57% linked to pandemic disruptions, insecurity in food producing states, dollar shortages as well as lingering restrictions on imports of certain food items despite the reopening of the country’s borders.
On a monthly basis, consumer prices increased 1.49%, slowing from a 1.61% rise in the previous month.
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