Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation rises from over three-year low in September

Consumer prices increased 1.04% on a month-on-month basis in September, up from August’s 0.99% rise. The slight acceleration was mainly driven by a faster growth of food prices.

Inflation rose from its over three-year low of 11.0% in August to 11.2% in September. Thus, it climbed further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation remained stable at 11.3% for the sixth consecutive month in September.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.89% month-on-month in September, above August’s 0.67% increase. Core inflation climbed to 8.9% in September from 8.7% in August.

FocusEconomics Consensus Forecast panelists expect inflation to average 11.2% in 2020, which is unchanged from last month’s forecast. In 2021, inflation is seen averaging 11.0%.

Nigeria - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)8.5  8.1  9.0  15.7  16.5  

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Nigeria Inflation Chart


Nigeria Inflation
Note: Inflation, annual average variation of consumer price index (CPI) in %.
Source: National Bureau of Statistics

Nigeria Facts

ValueChangeDate
Bond Yield14.130.0 %Sep 04
Exchange Rate306.53.08 %Sep 04
Stock Market0.10.0 %Sep 04

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