Nigeria Inflation

Nigeria

Nigeria: Inflation hits nearly two-year high in April

May 14, 2015

In April, consumer prices increased 0.8% over the previous month, which was a notch below the 0.9% rise tallied in March. According to the National Bureau of Statistics, with the exception of the transport and communications category, April’s print mainly reflected slower price increases in most of the categories.

Annual headline inflation inched up from 8.5% in March to 8.7% in April. The print marked the highest reading since May 2013. Annual average inflation stabilized in April at the previous month’s 8.2%, thereby remaining at a 14-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in April over the previous month (March: +0.9% month-on-month). Regarding annual figures, core inflation rose from 7.5% in March to 7.7% in April, which marked a 10-month high.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.8% in 2015, which is unchanged from last month’s forecast. For 2016, panelists forecast an inflation rate of 9.3%.


Author: Ricard Torné, Head of Economic Research

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Nigeria Inflation Chart


Nigeria Inflation April 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.


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