Inflation in Nigeria Rose to 15.63% in December

By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria--The annual rate of inflation in Nigeria rose to 15.63% in December from 15.40% in November, the National Bureau of Statistics said in a report on Monday.

The rate had been on a steady decline since March, when it stood at 18.97%, up until last month, the NBS figures showed.

Inflation in Africa's largest crude-oil exporter has been in the double digits for several months, as the coronavirus pandemic, insecurity and the closure of land borders to curb smuggling has disrupted sectors such as farming, industrial production and transportation.

Food-price inflation rose to 17.37% in December compared with 17.21% in November. This rise was caused by increases in the prices of bread and cereals, meat, fish, potatoes, yam and other tubers, soft drinks and fruit.

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01-17-22 1229ET