Nigeria Inflation May 2022


Nigeria: Inflation rises in May

June 17, 2022

Consumer prices rose 1.78% month on month in May, up from April’s 1.76%. This came on the back of slightly stronger price growth across the board.

Inflation in May rose to 17.7% from April’s 16.8%. However, annual average inflation eased to 16.3% in May from 16.4% in April. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 14.9% in May from April’s 14.2%.

FocusEconomics Consensus Forecast panelists expect inflation to average 17.1% in 2022, which is up 0.5 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.5%.


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Nigeria Inflation Chart

Nigeria Inflation May 2022 0

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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