Nigeria: Inflation edges up for the first time in 19 months but stays near the two-and-a-half year low in August

Consumer prices rose 1.05% on a month-on-month basis in August, slightly below July’s 1.13%. The result marked the second consecutive month of easing price pressures and the lowest print since April.

Inflation came in at 11.2% in August, edging up from July’s 11.1%—the first uptick in the headline rate since January 2017. As a result, inflation remained well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.78% month-on-month in August, below July’s 0.81% increase. Furthermore, core inflation fell to 10.0% in August (July: 10.2%).

Nigeria Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 12.0% in 2018. In 2019, inflation is seen averaging 10.1%.