Inflation in Nigeria

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 |
Nigeria Inflation (eop) Chart

Source: National Bureau of Statistics
Nigeria Facts
Value | Change | Date | |
---|---|---|---|
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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Nigeria: PMI softens in January; conditions continue to improve strongly
February 1, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at a five-month low of 53.5 in January, down from December’s 54.6.
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Nigeria: Inflation recedes for the first time in 14 months in December
January 18, 2023
Inflation receded for the first time in over a year in December; it softened to 21.3%, down from November’s 21.5%.
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Nigeria: PMI rises in December
January 3, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.6 in December, up from November’s 54.3.
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The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.3 in November, up from October's 53.6.
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