Nigeria Inflation August 2016


Inflation reaches highest level since 2005 in August, fueled by a weak naira

In August, consumer prices increased 1.0% over the previous month, which was below July’s 1.3% rise.

Inflation jumped from July’s 17.1% to 17.6% in August, marking the highest reading since October 2005 and reflecting that the weakening naira has been heightening inflationary pressures in recent months. According to the National Bureau of Statistics, inflation was driven up mainly by higher prices for housing, water, electricity, gas and other fuels, education and transport. Annual average inflation continued to rise from July’s 12.0% to 12.7% in August, thereby reaching an over-five-year high.

Core consumer prices, which exclude farm products and energy prices, rose 0.8% in August over the previous month, which was slightly below July’s 0.9% increase. Core inflation increased from 13.6% in July to 13.9% in August.

FocusEconomics Consensus Forecast panelists expect inflation to average 16.3% in 2016, which is up 0.4 percentage points from last month’s forecast. For 2017, panelists forecast an inflation rate of 13.5%.

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Nigeria Inflation Chart

Nigeria Inflation August 2016

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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