Nigeria: Inflation inches up in September

In September, consumer prices increased 0.6% over the previous month, matching August’s reading which had marked a 10-month low. According to the National Bureau of Statistics, August’s reading reflects higher prices for housing, water, electricity, gas and other fuels, communication and education.

Inflation inched up from 9.3% in August to 9.4% in September, which marked the highest reading since February 2013. Annual average inflation inched up from August’s 8.6% to 8.7% in September, thereby reaching a 22-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in September over the previous month, mirroring August’s print. Core inflation remained at August’s 8.8%, which had marked a 14-month high.

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%.