City in Nigeria

Nigeria Inflation January 2020

Nigeria: Inflation rises to 21-month high at turn of 2020

Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase. The pick-up was mostly driven by faster growth of food prices.

Meanwhile, inflation climbed for the fifth month running to 12.1% in January (December: 12.0%), the highest reading since April 2018. Thus, it rose further above the Central Bank’s target range of 6.0%–9.0%, where it has been for over four years. For its part, annual average inflation ticked up to 11.5% in January from 11.4% in December.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.82% month-on-month in January, marginally above December’s 0.81% increase. Core inflation held steady at 9.3% in January.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest