Nigeria Inflation December 2021


Nigeria: Inflation ticks up in December

January 19, 2022

Consumer prices rose 1.82% in December, up markedly from November’s 1.08%. The uptick was driven by a notable increase in prices for food, and housing, water, electricity, gas and other fuels, while clothing and footwear prices also rose at a stronger pace.

Inflation ticked up to 15.6% in December, from November’s 15.4%. December’s result marked a reversal of the downward path since April 2021. Annual average inflation was stable at November’s 17.0% in December. Lastly, core inflation, which excludes volatile agricultural produce, came in at 13.9% in December, matching November’s result.

Analysts at the EIU added:

“The annual average rate will drop to 13.3% in 2022 […] reflecting greater currency stability, but will be kept high by an electricity tariff increase and insufficient control over money supply growth by the CBN, which is engaged in various direct lending initiatives. This will be followed by an uptick in 2023, to 13.8%, assuming that fuel prices are liberalised in that year.”

FocusEconomics Consensus Forecast panelists expect inflation to average 13.6% in 2022, which is unchanged from last month’s forecast. In 2023, inflation is seen averaging 11.8%.


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Nigeria Inflation Chart

Nigeria Inflation December 2021

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

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