Nigeria Inflation January 2021


Nigeria: Inflation hits over three-year high in January

February 16, 2021

Consumer prices rose 1.49% month-on-month in January, down from December’s 1.61% increase. The print reflected a softer rise in food prices.

Inflation rose to 16.5% in January from 15.8% in December, marking the strongest annual rise in prices since April 2017. Meanwhile, the trend pointed up as annual average inflation came in at 13.6% in January from 13.3% in December. Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.3% month-on-month in January (December: 1.1%), and core inflation rose to 11.9% in January from 11.4% in the prior month.

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 January 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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