The consumer price index, which measures the rate of increase in the price of goods and services, increased to 16.47 percent in January. This is the highest point since April 2017. The CPI/Inflation report released by the National Bureau of Statistics (NBS) shows that food inflation has also crossed the 20 percent mark.
The Lagos Chamber of Commerce and Industry (LCCI) says inflation rate will rise in 2021.
The Central Bank of Nigeria (CBN) survey for fourth quarter of 2020 (Q4 2020) showed that rising inflation will make the country’s economy weaker in 2021.
The president said a new bill is being proposed to ensure those in this category do not pay income tax