Nigeria Inflation May 2018


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%.


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Nigeria Inflation Chart

Nigeria Inflation May 2018 0

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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