Nigeria Inflation


Nigeria: Inflation inches up in March

April 16, 2015

In March, consumer prices increased 0.9% over the previous month, which was above the 0.7% rise tallied in February. According to the National Bureau of Statistics, with the exception of communications, March’s print mainly reflected faster price increases in most of the categories, particularly food.

Annual headline inflation inched up from 8.4% in February to 8.5% in March. The reading marked the highest reading since August 2014. Annual average inflation increased slightly from 8.1% in February to 8.2% in March, thereby reaching a 13-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.9% in March over the previous month, which was up from the 0.7% increase tallied in February. Regarding annual figures, core inflation rose from 7.0% in February to 7.5% in March, which marked a nine-month high.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.9% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists forecast an inflation rate of 8.9%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation March 2015 0

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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