Nigeria: Inflation stable in November

Consumer prices rose 0.80% on a month-on-month basis in November, slightly above October’s 0.74% increase. The acceleration broke a fourth month streak of easing price pressures in Nigeria’s economy. A larger rise in food prices was chiefly behind the result.

Inflation was unchanged at 11.3% in November for the third month in a row. Despite falling steadily since the start of 2017, inflation remains well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.75% month-on-month in November, above October’s 0.74% increase. Core inflation inched down to 10.4% in November (October: 10.5%).

Nigeria Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 12.2% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.4%.