Nigeria Inflation August 2022


Nigeria: Inflation surges to near 17-year high in August

September 16, 2022

Inflation rose to 20.5% in August from July’s 19.6%, marking the highest print since September 2005. The result was driven by a stronger increase in food and non-alcoholic beverages, housing, water, electricity and gas, and clothing and footwear prices.

Meanwhile, the trend pointed up as annual average inflation rose to 17.1% in August from 16.8% in July. Core inflation, which excludes volatile agricultural produce, increased to 17.2% in August from 16.3% in July.

Lastly, consumer prices rose 1.77% month on month in August, down from 1.82% in July.

Analysts at the EIU added:

“Inflation in Nigeria is above the target ceiling and will remain so throughout 2022-26. Elevated global prices for diesel (not subsidised) and wheat, due to the war in Ukraine, will keep inflation high (even by Nigerian standards), at 19.1% in 2022. In 2023-26 we expect inflation to be lower as the initial price shock of the Russia-Ukraine war subsides and tighter monetary conditions take effect, although the rate will remain well above target (at an average of 13.7%), owing to expected fuel price liberalisation from mid-2023, electricity tariff adjustments and devaluations of the naira in 202526.”

FocusEconomics Consensus Forecast panelists expect inflation to average 17.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.9%.


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Nigeria Inflation Chart

Nigeria Inflation August 2022

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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