Nigeria Inflation April 2020

Nigeria

Nigeria: Inflation remains stable in April

May 21, 2020

Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March. April's acceleration was primarily driven by faster growth of food prices.

Inflation held steady at March’s 12.3% in April, marking the highest reading since April 2018 and remaining well above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation ticked up to 11.7% in April (March: 11.6%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.93% month-on-month in April, above March’s 0.80% increase. Lastly, core inflation climbed to 10.0% from 9.7% in the previous month.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.3% in 2020, which is up 0.3 percentage points from last month’s forecast. In 2021, inflation is seen averaging 13.0%.


Author:, Economist

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Nigeria Inflation April 20 20

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


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