Nigeria: Inflation accelerated further in November

Inflation accelerated to 21.5% in November from October’s 21.1%. The result represented the strongest inflation rate since September 2005. Looking at the details of the release, the pickup was chiefly driven by stronger increases in prices for food and non-alcoholic beverages, as well as for housing, water, electricity and gas.

Accordingly, the trend pointed up; annual average inflation rose to 18.4% in November, up from the prior month’s 17.9%. Meanwhile, core inflation accelerated to 18.2% in November (October: 17.8%).

Lastly, consumer prices rose 1.39% from the previous month in November, a sharper increase than October’s 1.24%.

FocusEconomics Consensus Forecast panelists expect inflation to average 18.5% in 2023, which is from last month’s forecast. In 2024, inflation is seen averaging 13.7%.