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Nigeria Inflation January 2024

Nigeria: Inflation comes in at highest level since May 1996 in January

Inflation came in at 29.9% in January, up from December’s 28.9%. January’s figure represented the highest inflation rate since May 1996. The result was largely driven by a faster increase in food prices. In addition, price pressures for housing and energy rose at a stronger pace.

The trend pointed up, with annual average inflation coming in at 25.3% in January (December: 24.7%). Meanwhile, core inflation rose to 23.4% in January, from the previous month’s 23.1%.

Finally, consumer prices increased 2.64% in January over the previous month, picking up from December’s 2.29% rise. January’s figure was the highest reading since August 2023.

Our panelists have upgraded their inflation forecasts for 2024 after the Central Bank devaluated the currency on 30 January. Inflation is now forecast to average above last year’s levels. Further upwards revisions are still on the cards.

Analysts at the EIU commented on the outlook:

“Given the pace of month-on-month increases in prices, deeply negative real interest rates and the large currency devaluation implemented in early February, annual average inflation will climb further in 2024, to average of 28.5%, from an annual rate of 24.7% in 2023.”

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