The recently released inflation report by the National Bureau of statistics showed that the upward trend in headline inflation was sustained in the month of December 2020. The consumer price index (CPI) for the month was higher by 15.75% YoY compared to 14.89% YoY in November 2020, reflecting the increase in both the food and core sub-indices. The Food index was up by 19.56% YoY (this is a significant jump when compared to 18.30%YoY in November 2020), spurred by price increases on Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and fats. In the same manner, the core index was higher by 11.37% YoY (vs 11.05% YoY in November 2020).
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