Nigeria Inflation April 2019

Nigeria

Nigeria: Inflation inches up in April

May 15, 2019

Consumer prices rose 0.94% on a month-on-month basis in April, up from March’s 0.79% climb. The acceleration was largely driven by faster growth of food prices.

Inflation ticked up from 11.3% in March to 11.4% in April. Thus, it moved further above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.70% month-on-month in April, above March’s 0.53% increase. In addition, core inflation edged down to an over three-year low of 9.3% in April (March: 9.5%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.7% in 2019, which is down 0.2 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.5%.


Author:, Economist

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Nigeria Inflation April 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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