Nigeria Inflation March 2019

Nigeria

Nigeria: Inflation remains unchanged in March

April 16, 2019

Consumer prices rose 0.79% on a month-on-month basis in March, marginally above February’s 0.73% increase. The mild pick-up was largely driven by a stronger increase in food prices.

Inflation held steady at February’s 11.3% in March. Thus, it remained above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.53% month-on-month in March, below February’s 0.65% increase. Core inflation edged down to 9.5% in March (February: 9.8%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.7% in 2019, which is down 0.2 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.5%.


Author:, Economist

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Nigeria Inflation March 2019

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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