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Nigeria Inflation May 2018

Nigeria: Inflation falls to lowest level since February 2016 in May

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

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