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.