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Nigeria: Inflation holds steady in January

Staff Writer | February 16, 2019
Consumer prices in Nigeria rose 0.74% on a month-on-month basis in January, matching December’s rise.
Nigeria
Africa   January’s increase largely reflected higher prices for food
January’s increase largely reflected higher prices for food.

Inflation was also unchanged at December’s 11.4% in January. As a result, it remained above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in January, above December’s 0.50% increase. Core inflation ticked up to 9.9% in January (December: 9.8%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.8% in 2019, which is up 0.4 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.9%.


 

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