Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)9.0  15.7  16.5  12.1  11.4  

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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

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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