Nigeria Inflation December 2020

Nigeria

Nigeria: Inflation hits over three-year high in December

January 15, 2021

Consumer prices increased 1.61% from the previous month in December, an uptick from November's 1.60% increase. December's figure marked the sharpest increase in prices since May 2017. The figure was primarily driven by rising prices for food.

Inflation rose to 15.8% in December, above November’s 14.9%, marking the highest inflation rate since November 2017. Meanwhile, the trend pointed up, with annual average inflation coming in at 13.3% in December (November: 12.9%). Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.10% over the previous month in December, above November's 0.71% increase. Core inflation rose to 11.4% from the previous month's 11.0%.

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 December 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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