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High food prices in Nigeria push the country's inflation rate to 12.13% in January 2020 – the highest in almost 2 years

Nigerian market
  • Nigeria's inflation rate jumps to 12.13% in January 2020.
  • This is a straight 5th-month increase and the highest rate since April 2018  
  • Nigeria's border closure continues to have high economic consequences on food prices.

Nigeria's inflation rate rose to 12.13% in January 2020, representing the highest rate in almost 2 years.

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The recent inflation figure is coming as border closure continues to have high economic consequences on food prices.

The figure is 0.15% points higher than the rate recorded in December 2019 (11.98%)

The Nigerian Bureau of Statistics (NBS) stated this in its consumer price index (CPI) report for December 2019 released in Abuja on Tuesday, February 18th, 2020.

According to the report, month-on-month, the Headline index increased by 0.87% in January 2020, representing a 0.02% rate higher than the rate recorded in December 2019 (0.85%).

“The composite food index rose by 14.85% in January 2020 compared to 14.67% in December 2019.

The rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam, other tubers, and fish.

On a month-on-month basis, the food sub-index increased by 0.99 in January 2020, up by 0.02% points from 0.97% recorded in December 2019.

Last August, the Nigerian government closed its border to tackle illicit trade by halting the smuggling of agricultural produce as well as arms and ammunition.

Many believed the government’s action was against the spirit of the recently signed Africa trade pact. The closure has also affected the purchasing power of Nigerians as the price of staple foods skyrocketed.

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