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Nigeria: Inflation holds steady in January

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Staff Writer | February 16, 2019
Africa   January’s increase largely reflected higher prices for food

Consumer prices in Nigeria rose 0.74% on a month-on-month basis in January, matching December’s rise.

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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