Nigeria Inflation May 2017


Nigeria: Inflation drops in May but remains high

June 15, 2017

In May, consumer prices rose 1.88% month-on-month, up from April’s 1.60% rise. May’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 17.2% in April to 16.3% in May, marking the fourth consecutive monthly decline. 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 1.2% in May (April: +1.1% month-on-month). Lastly, core inflation fell from 14.8% in April to 13.0% in May.

FocusEconomics Consensus Forecast panelists are currently assessing the latest developments, with a new forecast to be published on Tuesday 20 June.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation May 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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