Nigeria Inflation November 2021


Nigeria: Inflation continues downward trend in October

December 15, 2021

Consumer prices rose 1.08% in November, up from October’s 0.98% increase. The uptick was driven by stronger price increases for food, and housing water, electricity, gas and other fuel. On the other hand, prices for clothing and footwear rose at a softer pace over the prior month-

Inflation continued its downward path and came in at a 12-month low of 15.4% in November from 16.0% in October. The trend was stable, however: Annual average inflation came in at October’s 17.0% in November. Lastly, core inflation, which excludes volatile agricultural produce, rose to an over four-and-a-half-year high of 13.9% in November (October: 13.2%).

FocusEconomics Consensus Forecast panelists expect inflation to average 13.6% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, inflation is seen averaging 11.8%.


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Nigeria Inflation Chart

Nigeria Inflation November 2021

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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