Nigeria: Inflation falls to lowest level since February 2016 in May
June 18, 2018
Consumer prices rose 1.09% on a month-on-month basis in May, above from April’s 0.83% rise and the sharpest increase since July 2017. Higher food prices were behind the spike in price pressures.
Inflation came in at 11.6% in May, down from 12.5% in April and the lowest level since February 2016. Despite the decrease, inflation is still well above the Central Bank’s target range of 6.0%–9.0%.
Core consumer prices, which exclude volatile agricultural produce, rose 1.09% month-on-month in May, above April’s 0.96% increase. Meanwhile, core inflation was unchanged at April’s 11.6% in May.
Nigeria Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 12.4% in 2018, which is unchanged from last month’s forecast. In 2019, inflation is seen averaging 10.4%.