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: Javier Colato, Economist