Nigeria Inflation May 2020


Nigeria: Inflation hits over two-year high in May

June 17, 2020

Consumer prices increased 1.17% over the last month in May, accelerating from April's 1.02% increase. May's result marked the sharpest increase in prices since June 2018 and was primarily driven by faster growth of food prices.

Inflation climbed to 12.4% in May from April’s 12.3%, the highest reading since April 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation edged up to 11.8% in May (April: 11.7%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.88% month-on-month in May, below April’s 0.93% increase. Core inflation rose to 10.1% from April’s 10.0%.

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

Sample Report

Looking for forecasts related to Inflation in Nigeria? Download a sample report now.


Nigeria Inflation Chart

Nigeria Inflation May 20 20

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

Nigeria Economic News

More news

Search form