City in Nigeria

Nigeria Inflation August 2020

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

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.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest