Nigeria Inflation July 2016

Nigeria

Nigeria: Inflation jumps in July to highest level since 2005

August 18, 2016

In July, consumer prices increased 1.3% over the previous month, which was below June’s 1.7% rise.

Inflation jumped from June’s 16.5% to 17.1% in July, marking the highest print since October 2005 but falling marginally short of market expectations of 17.2%. According to the National Bureau of Statistics, inflation was driven up by faster price increases across all sub-categories except for health, transport, recreation and culture. Annual average inflation rose from June’s 11.4% to 12.0% in July, thereby reaching an over-three-year high.

Core consumer prices, which exclude farm products and energy prices, rose 0.9% in July over the previous month, which was below June’s 1.6% rise. Core inflation increased from 13.3% in June to 13.6% in July.

The National Bureau of Statistics expects inflation to end the year at 10.2% and at 9.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to average 15.9% in 2016, which is unchanged from last month’s forecast. For 2017, panelists forecast an inflation rate of 13.1%.


Author: Teresa Kersting, Economist

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Nigeria Inflation July 2016

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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