🎯 Inflation climbed to 18.7% year-on-year, the highest level in over 4 years.
🎯 Food inflation was the major driver and it reached 22.95%- the highest level in more than 15 years.
🎯 The highest food index was caused by an increase in the price of bread, cereals, potatoes, yam, and other tubers, vegetables, fish, oil and fats, and fruits.
🎯 The surge in food prices has been driven by local and international forces. There has been an international trend in rising food prices due to the disruption of supply chains caused by the Covid-19 pandemic.
🎯 Locally, the surge in food prices has been driven by an underwhelming planting season in 2020, age-old structural challenges accentuated by insecurity in food-producing regions, and the ill-timed closure of land borders in Q3-2019.
🎯 Core inflation rose to 12.67% - the highest level in 38 months.
🎯 The rise in the core indices was driven by increases in health services, transport services, clothing and footwear, and housing and utilities.
Credit: Tosin Olasehinde