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Nigeria Inflation December 2023

Nigeria: Inflation comes in at highest level since July 1996 in December

Inflation increased to 28.9% in December, following November’s 28.2%. December’s result represented the highest inflation rate since July 1996. The result was driven by rising prices for food and housing and energy.

The trend pointed up, with annual average inflation coming in at 24.7% in December (November: 24.0%). Meanwhile, core inflation rose to 23.1% in December, from the previous month’s 22.6%.

Finally, consumer prices rose 2.29% in December over the previous month, picking up from November’s 2.09% increase. December’s result was the highest reading since August.

Our panelists see inflation rising from current levels in Q1 2024 and then easing slightly in the following quarters. Nonetheless, inflation is forecast to remain above 20% throughout the year, averaging close to 2023 levels due to sustained currency weakness. Central Bank monetary policy under the new inflation-targeting framework is a key factor to watch.

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