Nigeria Inflation March 2018


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%.


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Nigeria Inflation Chart

Nigeria Inflation March 2018

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

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