Nigeria’s inflation rate has increased, for the fifth straight month, from 11.98% recorded in December 2019 to 12.13% in January 2020. This is the highest rate recorded in the country since May 2018, which was 11.61%. The National Bureau of Statistics report for month on month inflation shows that the inflation rose by 12.13% in January, higher than the rate (11.98%) recorded in December 2019 and 11.85% in November 2019. The food inflation accelerated from 14.67% reported in December 2019 to 14.85% in January 2020, highest since March 2018. Although, central bank Governor Godwin Emefiele said in November that the impact of the border closures on inflation is temporary.

Source: The Guardian February 18, 2020 10:30 UTC