Inflation in Nigeria
Nigeria - Inflation
Inflation hits over two-year high in May
Consumer prices increased 1.17% over the last month in May, accelerating from April's 1.02% increase. May's result marked the sharpest increase in prices since June 2018 and was primarily driven by faster growth of food prices.
Inflation climbed to 12.4% in May from April’s 12.3%, the highest reading since April 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation edged up to 11.8% in May (April: 11.7%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.88% month-on-month in May, below April’s 0.93% increase. Core inflation rose to 10.1% from April’s 10.0%.
FocusEconomics Consensus Forecast panelists expect inflation to average 13.1% in 2020, which is up 0.1 percentage points from last month’s forecast. In 2021, inflation is seen averaging 12.8%.
Nigeria - Inflation Data
|Inflation Rate (CPI, annual variation in %)||9.0||15.7||16.5||12.1||11.4|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Inflation Chart
Source: National Bureau of Statistics
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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July 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 40.7 in May to 46.4 in June.
June 17, 2020
Consumer prices increased 1.17% over the last month in May, accelerating from April's 1.02% increase.
June 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed from its record low of 37.1 in April to 40.7 in May.
May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).