Nigeria Inflation


Nigeria: Inflation accelerates to a nearly three-year high in November

December 14, 2015

In November, consumer prices increased 0.7% over the previous month, which was above October’s 0.4% increase. According to the National Bureau of Statistics, the month-on-month increase in prices accelerated in November across all the sub-components of the index, with education being the only exception.

Inflation rose from 9.3% in October to 9.4% in November, which marked the highest rate since February 2013. As a result, annual average inflation inched up from October’s 8.8% to 8.9% in November, thereby reaching a 25-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in November over the previous month, overshooting October’s 0.4% increase. Core inflation inched down from October’s 8.6% to 8.5% in November.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.5% in 2016, which is unchanged from last month’s forecast. For 2017, panelists forecast an inflation rate of 8.5%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation November 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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