Nigeria Inflation


Nigeria: Inflation inches up in August

September 14, 2015

In August, consumer prices increased 0.6% over the previous month. The print was below the 0.7% rise tallied in July and marked a 10-month low. According to the National Bureau of Statistics, all categories increased at a slower pace in August, with the exception of furnishings and household equipment maintenance, education and restaurant and hotels.

Inflation inched up from 9.2% in July to 9.3% in August, which marked the highest reading since February 2013. Annual average inflation inched up from July’s 8.5% to 8.6% in August, thereby reaching a 21-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in August over the previous month (July: +0.6% month-on-month). Core inflation rose from 8.7% in July to a 14-month high of 8.8% in August.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.8% in 2015, which is unchanged from last month’s forecast. For 2016, panelists forecast an inflation rate of 9.3%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation August 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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