Inflation in Nigeria
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
|Inflation Rate (CPI, annual variation in %)||9.0||15.7||16.5||12.1||11.4|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Inflation Chart
Source: National Bureau of Statistics
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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January 19, 2022
Consumer prices rose 1.82% in December, up markedly from November’s 1.08%.
January 3, 2022
Economic conditions continued to improve at the close of last year, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 56.4 in December from 55.0 in November.
December 15, 2021
Consumer prices rose 1.08% in November, up from October’s 0.98% increase.
December 1, 2021
Private-sector operating conditions in Nigeria improved at an accelerated pace in November, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 55.0 from 54.1 in October.
November 23, 2021
On 7 October, President Muhammadu Buhari presented the government’s proposed budget for 2022.