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UPDATE 1-Nigeria's inflation rises to more than 3-year high in December

Published 15/01/2021, 11:28
© Reuters.

(Adds details)
ABUJA, Jan 15 (Reuters) - Annual inflation in Nigeria rose
in December for the 16th straight month to a more than
three-year high, the National Bureau of Statistics said on
Friday, as rising food costs lifted the price index.
Inflation climbed to 15.75% in December from 14.89% the
previous month. A separate food price index showed inflation at
19.56% in December, compared with 18.30% in November.
An analyst at Lagos-based consultancy Financial Derivatives
said the continued rise in the general price level is driven
largely by forex rationing, output and productivity constraints,
and higher logistics and distribution costs.
Nigeria, Africa's most populous country, is facing its worst
economic crisis in 40 years, triggered by a coronavirus-induced
crash in oil prices that has hammered state revenues, creating
large financing needs and weakening the naira. That has made
imports more expensive, adding to inflationary pressure.
Finance Minister Zainab Ahmed said on Tuesday she expects
inflation to decline to 11.95% by end-2021, still above the
government's single-digit target. She added that the government
would work on reducing food prices and the high cost of doing
business. Inflation has been in double-digits largely due to food
prices.

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