Nigeria Inflation May 2019


Nigeria: Inflation holds steady in May

June 17, 2019

Consumer prices rose 1.11% on a month-on-month basis in May, up from April’s 0.94% climb and the sharpest increase in 10 months. The acceleration was largely driven by faster growth of food prices.

Inflation was unchanged at April’s 11.4% in May, remaining well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.75% month-on-month in May, slightly above April’s 0.70% increase. In addition, core inflation edged down to an over three-year low of 9.0% in May (April: 9.3%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.7% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.3%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation May 2019

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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