Nigeria: Inflation at lowest level in two years in March
April 16, 2018
Consumer prices rose 0.80% on a month-on-month basis in March, matching February’s rise. Prices across sub-components of the index were relatively unchanged compared with February.
Inflation came in at 13.3% in March, down from 14.3% in February and the lowest level in two years. Nonetheless, inflation in Nigeria remains well above the Central Bank’s target range of 6.0%–9.0%.
Core consumer prices, which exclude volatile agricultural produce, rose 0.83% month-on-month in March, above February’s 0.78% increase. Meanwhile, core inflation edged down to 11.8% in March (February: 12.3%).
Nigeria Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 12.5% in 2018, which is unchanged from last month’s forecast. In 2019, inflation is seen averaging 10.3%.
Author: Lindsey Ice, Economist