Nigeria Inflation January 2016


Nigeria: Inflation in January steady at December's three-year high

February 14, 2016

In January, consumer prices increased 0.9% over the previous month, which was slightly below December’s 1.0% increase. According to the National Bureau of Statistics, the month-on-month increase in prices decelerated in January across nearly all the sub-components of the index, with education, housing, water, electricity and fuels as well as health being the only exceptions.

Inflation in January was steady at December’s 9.6%, which marked the highest rate since December 2012. As a result, annual average inflation inched up from December’s 9.0% to 9.1% in January, thereby reaching a 27-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.8% in January over the previous month, matching December’s result. Core inflation inched up from 8.4% in December to 8.5% in January.

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 January 2016

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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