Nigeria Inflation June 2020


Nigeria: Inflation hits highest level since March 2018

July 16, 2020

Consumer prices rose 1.21% in June over the previous month, marginally above May's 1.17% increase. June's result was the sharpest increase in prices since June 2018 and was largely driven by rising prices for food.

Inflation rose from May’s 12.4% to 12.6% in June, the highest reading since March 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 11.9% in June (May: 11.8%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.86% month-on-month in June, below May’s 0.88% increase. Core inflation held steady at the previous month’s 10.1%.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.1% in 2020, which is up 0.1 percentage points from last month’s forecast. In 2021, inflation is seen averaging 12.8%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation June 20 20

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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