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.