Nigeria Inflation November 2019


Nigeria: Inflation climbs to 19-month high in November

December 17, 2019

Consumer prices rose 1.02% on a month-on-month basis in November, down from October’s 1.07% increase. The slight moderation was mainly driven by softer growth in prices for food.

Inflation climbed for the third consecutive month in November as food inflation continued to quicken amid the closure of land borders, coming in at 11.9% (October: 11.6%)—the highest reading since April 2018. Thus, it climbed further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation ticked up to 11.4% from 11.3% in the previous month.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.79% month-on-month in November, above October’s 0.74% increase. Core inflation inched up to 9.0% in November from 8.9% in October.

FocusEconomics Consensus Forecast panelists expect inflation to average 11.2% in 2020, which is up 0.2 percentage points from last month’s forecast. In 2021, inflation is also seen averaging 11.1%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation November 2019

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

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