Nigeria Inflation August 2021

Nigeria

Nigeria: Inflation ticks down to seven-month low in August

September 16, 2021

Consumer prices rose 1.02% in August, up from July’s 0.93% increase. The print came on the back of stronger food price growth offsetting a softer increase in prices for clothing and footwear.

Inflation eased further in the month, coming in at a seven-month low of 17.0% (July: 17.4%). The trend, however, pointed up as annual average inflation rose to 16.6% in August from July’s 16.3%. Lastly, core inflation, which excludes volatile agricultural produce, clocked in at 13.4% in August from 13.7% in July.

Analysts at Goldman Sachs commented:

“We expect food output to improve over the coming months due to the harvest season and this should continue to push food inflation lower into year-end.”

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 August 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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