Inflation in Nigeria

Nigeria Inflation (eop) | Economic News & Forecasts

Nigeria - Inflation (end of period)

Inflation recedes for the first time in 14 months in December

Inflation receded for the first time in over a year in December; it softened to 21.3%, down from November’s 21.5%. Despite the downtick, the reading still marked an over 17-year high. Looking at the details of the release, the marginal moderation was chiefly driven by softer increases in prices for food and non-alcoholic beverages, as well as for clothing and footwear. These more than offset prices for housing and utilities increasing at a brisker pace.

Still, the trend pointed up; annual average inflation rose to 18.8% in December (November: 18.4%). Meanwhile, core inflation accelerated to 18.5% in December, up from November’s 18.2%.

Lastly, consumer prices rose 1.71% over the previous month in December, a sharper increase than November’s 1.39%.

FocusEconomics Consensus Forecast panelists expect inflation to average 18.5% in 2023, which is from last month’s forecast. In 2024, inflation is seen averaging 13.7%.

Nigeria - Inflation (eop) Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %, eop)9.6  18.6  15.4  11.4  12.0  

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Nigeria Inflation (eop) 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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