Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation ticks up in December

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%.

Nigeria - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)9.0  15.7  16.5  12.1  11.4  

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Nigeria Inflation Chart


Nigeria Inflation
Note: Inflation, annual average variation of consumer price index (CPI) in %.
Source: National Bureau of Statistics

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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