City in Nigeria

Nigeria Inflation December 2020

Nigeria: Inflation hits over three-year high in December

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%.

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