Nigeria Inflation


Nigeria: Upward trend in inflation remains intact in June

July 16, 2015

In June, consumer prices increased 0.9% over the previous month. The print was below the 1.1% rise tallied in May, which had marked a 35-month high. According to the National Bureau of Statistics, the categories that contributed the most to the monthly increase were food and non-alcoholic beverages and transportation.

Inflation rose from 9.0% in May to 9.2% in June. The print marked the highest reading since February 2013. Annual average inflation inched up from May’s 8.3% to 8.4% in June, thereby reaching an 18-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.7% in June over the previous month (May: +1.1% month-on-month). Regarding annual figures, core inflation rose from 8.2% in May to 8.3% in June.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.8% in 2015, which is unchanged from last month’s forecast. For 2016, panelists forecast an inflation rate of 9.3%.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation June 2015 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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