Despite reopening land borders for trade, Nigeria inflation has risen to 15.75%, which has proportionally led to an high(er) cost of living.

On Thursday, the National Bureau of Statistics said the consumer price index (CPI) hits 0.86% points higher than 14.89% recorded in November 2020.

This marks the 16th consecutive month of inflation highest in Nigeria economy.

Food inflation rose to 19.56% in December, compared to 18.3% recorded in November.

On a monthly basis, food sub index rises by 2.05%, in December, by 0.01% point from 2.04% recorded in November 2020. This rise was caused by abundance of most food items.

Core inflation which exempt the prices of volatile agricultural produce stood at 11.37% in December 2020, up to 0.32%, compared with 11.05% recorded in November 2020.

Similarly, core sub index increased by 1.10% in December 2020. This was up by 0.39% compared with 0.71% recorded in November 2020.

The worst hit mostly affected States like Bauchi,(19.85%), followed by Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%) and Abia (13.30%) recorded slower rate.

This indicates that the purchasing powers of Nigerians continues to decline; could also get worse if the second wave of the COVID-19 pandemic would result to another round of lockdown .

The rise in inflation was propelled by shutting land borders, coupled with the total lock down of economic activities in the heat of the coronavirus pandemic.

Ijeoma Njoku reporting, Obinwannem News