Nigeria Inflation December 2018


Nigeria: Inflation climbs to seven-month high in December

January 16, 2019

Consumer prices rose 0.74% on a month-on-month basis in December, slightly below November’s 0.80% increase. The moderation was largely driven by a softer increase in food prices.

Inflation ticked up from 11.3% in November to 11.4% in December, a seven-month high. As a result, it moved further above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.50% month-on-month in December, below November’s 0.68% increase. Core inflation was unchanged at 9.8% in December.

Nigeria Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 11.4% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.3%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation December 2018

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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