Nigeria Inflation December 2016


Nigeria: Inflation reaches over 11-year high in December

December 16, 2016

Consumer prices rose 1.1% in December, coming in above November’s 0.8% increase and marking a five-month high.

Inflation inched up from 18.5% in November to 18.6% in December, marking the highest reading since October 2005. According to the National Bureau of Statistics, inflation was fueled by higher prices in housing, water, electricity, and gas and other fuels. Annual average inflation continued to rise from 15.0% in November to 15.7% in December, an over ten-year high.

The increase in core consumer prices, which exclude farm products and energy prices, moderated from 0.8% in November to 0.6% in December, marking the lowest reading since November 2015. Lastly, core inflation dropped from 14.9% in November to 14.7% in December.

FocusEconomics Consensus Forecast panelists expect inflation to average 14.7% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, panelists forecast an inflation rate of 13.5%.

Author: Jean-Philippe Pourcelot, Economist

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Nigeria Inflation Chart

Nigeria Inflation December 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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