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However, the inflation figure from the bureau in January 2021 points to a record 16.47 per cent which was 0.71 percent higher than the figure for December 2020. The food index rose farther than ever with a record 20.57 percent in January 2021 compared to the 19.56 percent recorded in December. Business owners frustrated in Lagos A bakery manager at Ogba Lagos, who simply gave her name as Miss Gbemi, said the owner of the bakery recently decided to close shop because of the high cost of production. This, she said, was worsened by the exorbitant electricity bill which led to the disconnection of their light for months before the bakery was shut down.

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