Nigeria’s annual inflation rose 0.72 percentage points to 16.47% in January from a month earlier, its 17th monthly increase, the statistics office said on Tuesday, as the effect of the coronavirus pandemic weighed on the index.
Nigeria is facing its second recession in five years, triggered by a coronavirus-induced crash in oil prices that has hammered state revenue, creating large financing needs and weakening the naira.
Inflation in Nigeria, which has been in double digits since 2016, worsened with the pandemic. Food prices rose 1.01 percentage point from the previous month to 20.57% in January, the National Bureau of Statistics (NBS) said
