Nigeria Inflation June 2019

Nigeria

Nigeria: Inflation eases in June

July 15, 2019

Consumer prices rose 1.07% on a month-on-month basis in June, down slightly from May’s 1.11% climb, which had marked the sharpest increase in nearly a year. The moderation was chiefly driven by slower growth of food prices.

Inflation edged down from 11.4% in May to 11.2% in June, remaining well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.85% month-on-month in June, above May’s 0.75% increase. In contrast, core inflation edged down to an over three-year low of 8.8% in June (May: 9.0%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.5% in 2019, which is down 0.2 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.1%.


Author:, Economist

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Nigeria Inflation June 2019

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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