Inflation Rate (Monthly)



Period CPI Core Food
Nov 2020 14.89 11.05 18.30
Oct 2020 14.23 11.14 17.38
Sep 2020 13.71 10.58 16.66
Aug 2020 13.22 10.52 16.00
Jul 2020 12.82 10.10 15.48
Jun 2020 12.56 10.13 15.18
May 2020 12.40 10.12 15.04
Apr 2020 12.34 9.98 15.03
Mar 2020 12.26 9.73 14.98
Feb 2020 12.20 9.43 14.90
Jan 2020 12.13 9.35 14.85
Dec 2019 11.98 9.33 14.67
Nov 2019 11.85 8.99 14.48
Oct 2019 11.61 8.88 14.09
Sep 2019 11.24 8.94 13.51




Insight

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 15.75% (year-on-year) in December 2020. This is 0.86% points higher than the rate recorded in November 2020 (14.89%). 

Inflation rose by 15.75% in December, higher than the rate (14.89%) recorded in November 2020, and 14.23% in October 2020, rising for the sixteenth (from September 2019 to date) consecutive month and being the highest rate recorded since March 2018.

The composite food index rose by 19.56% in December 2020 compared to 18.3% in November 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and fats.

The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce increased by 0.32% to 11.37% in December 2020, from 11.05% recorded in November 2020.

The CPI takes into account the average change over time in the prices of goods and services consumed by people for day-to-day living.

Data Source: Nigeria Bureau Statistics

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