Nigeria Inflation July 2022


Nigeria: Inflation surges to near 17-year high in July

August 17, 2022

Consumer prices rose 1.82% month on month in July, stabilizing from June. The print, which marked a joint seven-month high, came on the back of broadly stable price increases for food and non-alcoholic beverages, clothing and footwear, and housing, water, electricity and gas.

Inflation, meanwhile, jumped to the highest level since September 2005, coming in at 19.6% in July (June: 18.6%). Consequently, the trend deteriorated as annual average inflation rose to 16.8% in the month, from 16.5% in June. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 16.3% in July from June’s 15.7%.

FocusEconomics Consensus Forecast panelists expect inflation to average 17.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.9%.


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Nigeria Inflation Chart

Nigeria Inflation July 2022

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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