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.