Nigeria Inflation June 2016


Inflation jumps to an over 10-year high in June

In June, consumer prices increased 1.7% over the previous month. The reading was below May’s 2.8% rise, which had marked the largest increase in over four years. According to the National Bureau of Statistics, the month-on-month increase reflected faster increases in prices for energy costs and imported food.

Inflation jumped from May’s 15.6% to 16.5% in June. The print represented the highest rate since October 2005 and beat market analysts’ forecast of 16.2%. As a result, annual average inflation ticked up from May’s 10.8% to 11.3% in June, thereby reaching an over-three-year high.

Core consumer prices, which exclude farm products and energy prices, rose 1.6% in June over the previous month, which was below the 2.5% rise tallied in May. Core inflation jumped from 12.3% in May to 13.3% in June.

The National Bureau of Statistics expects inflation to end the year at 10.2% and at 9.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 15.9% in 2016, which is up 3.4 percentage points from last month’s forecast. For 2017, panelists forecast an inflation rate of 11.8%.

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Nigeria Inflation Chart

Nigeria Inflation June 2016 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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