Nigeria Inflation October 2018


Nigeria: Inflation stable in October

November 19, 2018

Consumer prices rose 0.74% on a month-on-month basis in October, slightly below September’s 0.84% increase. The result marked the fourth consecutive month of easing price pressures and the lowest print since December. A smaller rise in food prices was chiefly behind the result.

Inflation was unchanged at September’s 11.3% in October. Despite falling steadily throughout the past year, inflation remains well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in October, above September’s 0.69% increase. Core inflation was stable at 10.5% in October.

FocusEconomics Consensus Forecast panelists expect inflation to average 12.2% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.4%.


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Nigeria Inflation Chart

Nigeria Inflation October 2018 0

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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