Nigeria Inflation July 2020


Nigeria: Inflation rises for third month running in July

August 16, 2020

Consumer prices rose 1.25% in July over the previous month, marginally above the 1.21% increase seen in June. July's result was the sharpest increase in prices since June 2017 and was largely driven by quicker price growth for food.

Inflation increased from June’s 12.6% to 12.8% in July, the highest reading since March 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation edged up to 12.1% in July (June: 11.9%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.75% over the previous month in July, moderating from June's 0.86% increase. Core inflation held steady at 10.1% for the third month in a row in July.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.1% in 2020, which is down 0.3 percentage points from last month’s forecast. In 2021, inflation is seen averaging 12.8%.

Author:, Economist

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Nigeria Inflation Chart

Nigeria Inflation July 20 20

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

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