Nigeria Inflation August 2019

Nigeria

Nigeria: Inflation inches down to over three-year low in August

September 17, 2019

Consumer prices rose 0.99% on a month-on-month basis in August, marginally below July’s 1.01% climb. The moderation was mainly driven by slower growth of food prices.

Inflation inched down from 11.1% in July to 11.0% in August, the lowest reading since January 2016. Nevertheless, it still remains above the Central Bank’s target range of 6.0%–9.0%. Moreover, annual average inflation held steady for the fifth consecutive month at 11.3% in August.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.67% month-on-month in August, below July’s 0.77% increase. Core inflation edged down to an over three-year low of 8.7% in August (July: 8.8%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.4% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.2%.


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Nigeria Inflation August 2019 1

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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