Nigeria Inflation January 2018

Nigeria

Nigeria: Inflation moderates in January

February 14, 2018

In January, consumer prices increased 0.80% on a month-on-month basis, above December’s 0.59% rise. January’s reading marked a five-month high. The uptick was chiefly due to higher growth in food prices.

Inflation came in at 15.1% in January, the lowest level since April 2016 and below December’s 15.4%. Despite moderating significantly over the course of last year (January 2017: 18.7%), inflation in Nigeria remains well above the Central Bank’s target range of 6.0%–9.0%.

Core consumer prices, which exclude volatile agricultural produce, grew 0.75% month-on-month in January, notably below the 0.50% reported in the previous month. Meanwhile, core inflation inched up to 12.7% in January (December: 12.6%).

Nigeria Inflation Forecast


FocusEconomics Consensus Forecast panelists expect inflation to average 12.5% in 2018, which is down 0.1 percentage points from last month’s forecast. In 2019, inflation is seen averaging 10.4%.


Author:,

Sample Report

Looking for forecasts related to Inflation in Nigeria? Download a sample report now.

Download

Nigeria Inflation Chart


Nigeria Inflation January 2018

Note: Purchasing Managers’ Index. Readings above 50 indicate an expansion in business conditions while readings below 50 point to a contraction.
Source: National Bureau of Statistics and FocusEconomics calculations.


Nigeria Economic News

  • Nigeria: Inflation continues downward trend in September

    October 15, 2021

    Consumer prices rose 1.15% in September, up from August’s 1.02% increase.

    Read more

  • Nigeria: PMI edges up in September

    October 4, 2021

    Operating conditions in Nigeria’s private sector improved at a fractionally stronger pace at the close of the third quarter, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inching up to 52.3 in September from 52.2 in August.

    Read more

  • Nigeria: Central Bank stays put in September

    September 17, 2021

    At its 16–17 September meeting, the Monetary Policy Committee of the Central Bank of Nigeria decided to leave all policy parameters unchanged, keeping the monetary policy rate at 11.50%, the asymmetric corridor at plus 100 and minus 700 basis points around the monetary policy rate, the cash reserve ratio at 27.50%, and the liquidity ratio at 30.00%. In deliberating its decision, the Committee noted that inflation has continued to decline, and the economic recovery has seemingly gained traction in the second and third quarters.

    Read more

  • Nigeria: Inflation ticks down to seven-month low in August

    September 16, 2021

    Consumer prices rose 1.02% in August, up from July’s 0.93% increase.

    Read more

  • Nigeria: PMI dips in August

    September 3, 2021

    Private sector business conditions in Nigeria improved at a softer pace in August, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropping to 52.2 from the 18-month high of 55.4 in July.

    Read more

More news

Search form