The inflation rate in Nigeria closed 2020 on a high hitting 15.75 percent in December, its highest level in three years. This is according to statistics released on Friday by the National Bureau of Statistics.

The latest figure is 0.86% points higher than the rate of 14.89% recorded in November 2020.

“The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent,” the NBS stated.

On a month-on-month basis, the index increased by 1.61% in December 2020. This is 0.01% point higher than the rate recorded in November 2020 (1.60%).

Data released by the NBS also shows that an increase in food prices pushed the food index higher by 19.56 percent, while core inflation inched up by 0.32 percent to 11.37 percent in December.

“The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.

“The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42 percent points from the average annual rate of change recorded in November 2020 (15.75) percent,” the NBS statement read in part.

This rise in the food index, according to the NBS, was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish, oils and fats.