Nigeria Inflation November 2020


Nigeria: Inflation hits highest level since January 2018 in November

December 15, 2020

Consumer prices rose 1.60% over the previous month in November, picking up from October's 1.54% increase. November's result marked the sharpest increase in prices since May 2017 and largely reflected rising prices for food.

Inflation rose to 14.9% in November, from October’s 14.2%. November's figure was the highest inflation rate since January 2018. Annual average inflation rose to 12.9% in November (October: 12.7%). Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.71% over the previous month in November, below October's 1.25% increase. Core inflation fell to 11.0% from the previous month's 11.1%.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.9% in 2021, which is up 0.2 percentage points from last month’s forecast. In 2022, inflation is seen averaging 11.7%.


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Nigeria Inflation Chart

Nigeria Inflation November 20 20

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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