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00:00 Nigeria's inflation rate rose to its highest in more than 27 years in December, the latest
00:07 statistics showed on Monday, as food prices surged.
00:11 The 12th straight monthly increase in consumer inflation is exacerbating a cost-of-living
00:16 crisis in Africa's largest economy.
00:20 It's also piling pressure on Nigeria's central bank to raise interest rates.
00:25 Government Governor Olayemi Kodoso is yet to hold a rate-setting meeting since taking
00:30 office in September.
00:33 According to the National Bureau of Statistics, consumer inflation was up from 28.2 per cent
00:38 in November to 28.92 per cent in December.
00:43 That's the highest level since mid-1996.
00:47 The food inflation rate, which accounts for the bulk of Nigeria's inflation basket,
00:52 went from 32.84 per cent the month before to 33.93 per cent in December.
00:59 The statistics office said prices rose for a broad range of food items, including bread
01:04 and cereal, oil, fish, meat, fruit and eggs.
01:10 Analysts say higher fuel prices and a weaker Naira currency have also stoked price pressures.
01:18 Last May, President Bolotonubu embarked on Nigeria's boldest economic reforms in decades.
01:24 He scrapped a costly but popular fuel subsidy and devalued the currency to try to revive
01:30 economic growth.
01:31 However, growth is yet to pick up and inflation has worsened.
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