Nigeria: Inflation holds steady in January
February 15, 2019
Consumer prices rose 0.74% on a month-on-month basis in January, matching December’s rise. January’s increase largely reflected higher prices for food.
Inflation was also unchanged at December’s 11.4% in January. As a result, it remained above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in January, above December’s 0.50% increase. Core inflation ticked up to 9.9% in January (December: 9.8%).
Nigeria Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 11.8% in 2019, which is up 0.4 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.9%.
Author: Javier Colato, Economist