Nigeria: Inflation ebbs in November from the prior month
Latest reading: Consumer prices rose 14.5% on a year-on-year basis in November, following a 16.1% rise in the prior month. November’s reading was the weakest since October 2020.
Relative to the previous month’s data, there were reduced price pressures for food (+9.9% on a year-on-year basis vs +12.3% in October), clothing and footwear (+13.3% vs +15.4% in October) and housing and energy (+17.5% vs +19.1% in October).
Meanwhile, core consumer prices increased 17.4% on a year-on-year basis in November, following a 18.1% rise in the prior month.
Finally, consumer prices were up 1.22% in November on a month-on-month basis, following a 0.93% rise in the prior month.