Nigeria Inflation August 2017

Nigeria

Nigeria: Inflation drops in August but remains elevated

September 15, 2017

In August, consumer prices rose 0.97% compared to the prior month, down from July’s 1.21% increase. August’s uptick was broad-based, with prices rising for food and non-alcoholic beverages, clothing and footwear, and housing, water, electricity, gas and other fuel, amongst other categories.

Inflation slipped from 16.1% in July to 16.0% in August. Although inflation is down markedly since the start of the year, it is still far above the Central Bank’s 6.0%–9.0% target range, where it has been since surging in the middle of last year as a result of utility price hikes and a weak naira. Core consumer prices, which exclude volatile agricultural produce, rose 0.93% in August compared to the prior month (July: +1.00% month-on-month). Lastly, core inflation ticked up from 12.2% in July to 12.3% in August.

FocusEconomics Consensus Forecast panelists expect inflation to average 16.3% in 2017 and 12.8% in 2018, up 0.4 percentage points from last month’s forecast.


Author:, Economist

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Nigeria Inflation Chart


Nigeria Inflation August 2017 0

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: National Bureau of Statistics and FocusEconomics calculations.


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