Nigeria Inflation October 2021


Nigeria: Inflation continues downward trend in SeptemberInflation continues downward trend in October

November 17, 2021

Consumer prices rose 0.98% in October, down from September’s 1.15% increase. This marked a three-month low and was driven by a softer rise in food prices.

Inflation eased to a 10-month low of 16.0% in October (September: 16.6%). The trend, however, pointed up as annual average inflation rose to 17.0% in October from September’s 16.8%. Lastly, core inflation, which excludes volatile agricultural produce, clocked in at 13.2% in October from 13.7% in September.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.5% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 11.6%.


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Nigeria Inflation Chart

Nigeria Inflation October 2021 0

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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