Nigeria Inflation December 2015


Nigeria: Inflation in December accelerates to three-year high

January 18, 2016

In December, consumer prices increased 1.0% over the previous month, which was above November’s 0.7% increase. According to the National Bureau of Statistics, the month-on-month increase in prices accelerated in December across all the sub-components of the index, with education being the only exception.

Inflation rose from 9.4% in November to 9.6% in December, which marked the highest rate since December 2012. As a result, annual average inflation inched up from November’s 8.9% to 9.0% in December, thereby reaching a 26-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.8% in December over the previous month, overshooting November’s 0.5% increase. Core inflation inched down from 8.5% in November to 8.4% in December.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.6% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, panelists forecast an inflation rate of 8.5%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation December 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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