Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation ticks down in February

Consumer prices rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase. The slight moderation was largely driven by a softer increase in food prices.

Inflation ticked down from 11.4% in January to 11.3% in February. As a result, it moved closer down to the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.65% month-on-month in February, well below January’s 0.81% increase. Core inflation ticked down to 9.8% in February (January: 9.9%).


Nigeria Inflation Forecast


FocusEconomics Consensus Forecast panelists expect inflation to average 11.8% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.8%.

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 Yield14.470.0 %Mar 20
Exchange Rate306.43.08 %Mar 20
Stock Market1.10.0 %Mar 19

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