Nigeria Inflation July 2018


Nigeria: Inflation falls to lowest level since January 2016

August 15, 2018

Consumer prices rose 1.13% on a month-on-month basis in July, below June’s 1.24%. The result marked the first month of declining price pressures since February and was driven by a softer increase in food prices.

Inflation came in at 11.1% in July, inching down from 11.2% in June and marking the lowest level since January 2016. Although Inflation has fallen for 18 consecutive months, it is still well above the Central Bank’s target range of 6.0%–9.0%.

Core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in July, below June’s 1.10% increase. In addition, core inflation fell to 10.8% in July (June: 11.2%).

Nigeria Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 12.0% in 2018, which is unchanged from last month’s forecast. In 2019, inflation is seen averaging 10.1%.


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Nigeria Inflation Chart

Nigeria Inflation July 2018

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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