Nigeria Inflation June 2021


Nigeria: Inflation ticks down to four-month low in June

July 16, 2021

Consumer prices increased 1.06% over the previous month in June, up from May’s 1.01% rise. The print largely came on the back of higher price pressures for food.

Inflation ticked down to 17.8% in June from May’s 17.9%, marking the lowest reading in four months. Meanwhile, the trend pointed up as annual average inflation came in at 15.9% in June (May: 15.5%). Lastly, core inflation, which exclude volatile agricultural produce, clocked in at 13.1% in June, matching May’s reading.

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 June 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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