Nigeria Inflation December 2019


Nigeria: Inflation increases to 20-month high at end 2019

January 17, 2020

Consumer prices increased 0.85% on a month-on-month basis in December, down from November’s 1.02% rise. The moderation was chiefly driven by slower growth in food prices.

Meanwhile, inflation ticked up from 11.9% in November to 12.0% in December, the highest reading since April 2018. Thus, it climbed further above the Central Bank’s target range of 6.0%–9.0%. For its part, annual average inflation held steady at 11.4% in December.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in December, slightly above November’s 0.79% increase. Core inflation climbed to 9.3% from 9.0% in the previous month.

FocusEconomics Consensus Forecast panelists expect inflation to average 11.0% in 2020, which is down 0.2 percentage points from last month’s forecast. In 2021, inflation is also seen averaging 11.0%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation December 2019

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

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