Nigeria Inflation June 2017


Nigeria: Inflation drops in June but remains elevated

July 17, 2017

In June, consumer prices rose 1.58% month-on-month, down marginally from May’s 1.88% rise. June’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 fell from 16.3% in May to 16.1% in June, marking the fifth consecutive monthly slowdown. However, inflation is still far above the Central Bank’s 6.0%-9.0% target range, where it has been since surging from the middle of last year as a result of electricity and fuel price hikes and a weak naira. Core consumer prices, which exclude the prices of volatile agricultural produce, rose 1.5% in June (May: +1.1% month-on-month). Lastly, core inflation fell from 13.0% in May to 12.0% in June.

FocusEconomics Consensus Forecast panelists expect inflation to average 15.9% in 2017 and 12.2% in 2018.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation June 2017

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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