Nigeria Inflation July 2021


Nigeria: Inflation ticks down to five-month low in July

August 18, 2021

Consumer prices rose 0.93% over the prior month in July, down from June’s 1.06% increase. The softer monthly increase reflected a slower increase in prices for food.

Inflation cooled to a five-month low of 17.4% in July from June’s 17.8%, as food price inflation eased somewhat. The trend, however, pointed up as annual average inflation rose to 16.2% in the month from 15.9% a month prior. Lastly, core inflation, which exclude volatile agricultural produce, clocked in at 13.7% in July from 13.1% in June.

Analysts at the EIU added:

“We expect inflation to have peaked in the first quarter and to average 17.3% in 2021. Foreign-exchange restrictions on various imported goods—including staple foods—and currency movements are cost-push factors, but base effects will reduce domestic food prices in the latter half of the year.”

FocusEconomics Consensus Forecast panelists expect inflation to average 16.2% in 2021, which is up 0.5 percentage points from last month’s forecast. In 2022, inflation is seen averaging 12.4%.


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Nigeria Inflation Chart

Nigeria Inflation July 2021

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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