Nigeria Inflation April 2018

Nigeria

Nigeria: Inflation falls to lowest level since March 2016

May 15, 2018

Consumer prices rose 0.83% on a month-on-month basis in April, nearly unchanged from March’s 0.84% rise. Price pressures across sub-components of the index were relatively unchanged compared with March.

Inflation came in at 12.5% in April, down from 13.3% in March and the lowest level since March 2016. Slowing food inflation has helped bring down price pressures, although they still remain stubbornly high. Inflation is well above the Central Bank’s target range of 6.0%–9.0%.

Core consumer prices, which exclude volatile agricultural produce, rose 0.96% month-on-month in April, above March’s 0.83% increase. Meanwhile, core inflation edged down to 11.6% in April (March: 11.8%).

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%.


Author: Angela Bouzanis, Lead Economist

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Nigeria Inflation April 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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