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.
Author: Javier Colato, Economist