January 31, 2022/Coronation Research

Nigeria features as one of the top ten countries with the highest headline inflation rates in Africa, alongside countries such as Sudan (318.21% y/y), Zimbabwe (60.74% y/y) and Ethiopia (35.10% y/y) as at December ‘21. Over the past five years, headline inflation in Nigeria has remained at double-digit.

Based on data from the National Bureau of Statistics (NBS), headline inflation stood at 15.63% y/y at end-December ’21. This is a decline of 13bps when compared to 15.75% y/y recorded at end-2020.

The average headline inflation rate for 2021 is 16.98%; 377bps higher than the 13.21% recorded at end-2020. Based on our estimates, over the past five years average headline inflation is 14.32%.

For the full economic note, please click here.