BREAKING: Rapid increase of food prices, food inflation rose to 20.57% in January, from 19.56 %

Beyond imagination, there was a rapid increase in food price in Nigeria’s market, lead to inflation rose to 16.47 percent in January 2021, the National Bureau of Statistics said on Tuesday.

Buoyed by galloping food prices, food inflation also rose to 20.57 percent in January, from 19.56 percent in December.

Inflation soared at 15.75 percent in December, its highest level in 32 months, with the 0.86 percent month-on-month increase marking the 16th consecutive month inflation would increase in Nigeria.

Earlier in November, it touched 14.89 percent.

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The new increase signals that there is a long way towards recovery for Africa’s largest economy, which slipped into its second recession in four years and the worst in nearly four decades in the third quarter of 2020.

There will also be sustained inflationary pressures on consumers’ purchasing power.

Nigeria announced a shutdown of its porous land borders with neighbouring countries in October 2019, in a motion seeking to spur local production of food as well as curb smuggling and sundry cross-border corruption. The move however contributed to accelerated food prices, analysts said.

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The government reopened parts of the land borders last year to ease the food inflation rate, but the move hasn’t had much effect.

According to the NBS, Core Inflation rose to 11.85% in January 2021, from 11.37% in December.