Nigeria Inflation February 2018


Nigeria: Inflation eases in February

March 14, 2018

In February, consumer prices increased 0.80% on a month-on-month basis, matching January’s rise. Price pressures were largely unchanged from January across the sub-components of the index.

Inflation came in at 14.3% in February, the lowest level since April 2016 and below January’s 15.1%. Despite moderating significantly over the course of last year (February 2017: 17.8%), 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, increased 0.78% month-on-month in February, slightly above January’s 0.75% rise. Meanwhile, core inflation edged down to 12.3% in February (January: 12.7%).

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 February 2018

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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