Nigeria Inflation August 2020


Nigeria: Inflation rises to over two-year high in August

September 15, 2020

Consumer prices rose 1.34% over the previous month in August, slightly above the 1.25% increase seen in July. August’s reading marked the sharpest increase in prices in over three years and was largely driven by higher prices for food.

Inflation increased to 13.2% in August, marking the highest reading since March 2018 (July: 12.8%). As a result, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation inched up to 12.2% in August (July: 12.1%).

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.05% over the previous month in August, higher than July’s 0.75% increase. Lastly, core inflation increased to 10.5% in August, after having remained stable at 10.1% during the previous three months.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.0% in 2020, which is down 0.1 percentage points from last month’s forecast. In 2021, inflation is seen averaging 12.8%.


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Nigeria Inflation Chart

Nigeria Inflation August 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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