Nigeria Inflation September 2018


Nigeria: Inflation rises in September

October 18, 2018

Consumer prices rose 0.84% on a month-on-month basis in September, below August’s 1.05% increase. The result marked the third consecutive month of easing price pressures and the lowest print since April.

Inflation rose to 11.3% in September, slightly above August’s 11.2% and a three-month high. As a result, inflation remained well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.69% month-on-month in September, below August’s 0.90% increase. Furthermore, core inflation rose to 10.5% in September (August: 10.0%).

Nigeria Inflation Forecast

FocusEconomics Consensus Forecast panelists expect inflation to average 10.7% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 10.1%.


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Nigeria Inflation Chart

Nigeria Inflation September 2018

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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