Nigeria Inflation


Nigeria: Inflation stabilizes at high levels in July

August 18, 2015

In July, consumer prices increased 0.7% over the previous month. The print was below the 0.9% rise tallied in June and marked a five-month low. According to the National Bureau of Statistics, all categories increased at a slower pace in July, with the exception of the health division.

Inflation was stable in July at the previous month’s 9.2%, which marked the highest reading since February 2013. Annual average inflation inched up from June’s 8.4% to 8.5% in July, thereby reaching a 20-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in July over the previous month (June: +0.7% month-on-month). Core inflation rose from 8.3% in June to a 13-month high of 8.7% in July.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.8% in 2015, which is unchanged from last month’s forecast. For 2016, panelists forecast an inflation rate of 9.3%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation July 2015 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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