Recession: Nigeria's inflation rate hits 18.55%

Increase in prices of meat, bread, fish, vegetable and other products has forced Nigerian inflation rate at 18.55 percent, the National Bureau of Statistics, NBS, has said.

According to a report released by the NBS Friday, the Consumer Price Index, CPI, which is used to measure inflation, increased by 18.55 percent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 percent).

Figures from the report show that the Composite Food Index rose by 17.39 percent in December 2016.

The rise in the index was caused by increases in prices of meat, bread and cereals, oil and fats, fish, vegetables, milk and cheese and eggs, fruits and potatoes, yam and other tubers.