City in Nigeria

Nigeria Inflation January 2021

Nigeria: Inflation hits over three-year high in January

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.

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