Inflation in Nigeria
Nigeria - Inflation
Inflation ticks down to five-month low in July
Consumer prices rose 0.93% over the prior month in July, down from June’s 1.06% increase. The softer monthly increase reflected a slower increase in prices for food.
Inflation cooled to a five-month low of 17.4% in July from June’s 17.8%, as food price inflation eased somewhat. The trend, however, pointed up as annual average inflation rose to 16.2% in the month from 15.9% a month prior. Lastly, core inflation, which exclude volatile agricultural produce, clocked in at 13.7% in July from 13.1% in June.
Analysts at the EIU added:
“We expect inflation to have peaked in the first quarter and to average 17.3% in 2021. Foreign-exchange restrictions on various imported goods—including staple foods—and currency movements are cost-push factors, but base effects will reduce domestic food prices in the latter half of the year.”
FocusEconomics Consensus Forecast panelists expect inflation to average 16.2% in 2021, which is up 0.5 percentage points from last month’s forecast. In 2022, inflation is seen averaging 12.4%.
Nigeria - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 9.0 | 15.7 | 16.5 | 12.1 | 11.4 |
Nigeria Inflation Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Nigeria: PMI dips in August
September 3, 2021
Private sector business conditions in Nigeria improved at a softer pace in August, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropping to 52.2 from the 18-month high of 55.4 in July.
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Nigeria: Inflation ticks down to five-month low in July
August 18, 2021
Consumer prices rose 0.93% over the prior month in July, down from June’s 1.06% increase.
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Nigeria: PMI reaches 18-month high in July
August 2, 2021
Business conditions in Nigeria’s private sector economy continued to improve at the outset of the third quarter, with the Stanbic IBTC Nigeria Purchasing Managers’ Index (PMI) rising to an 18-month high of 55.4 in July from 53.6 in June.
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Nigeria: Central Bank stays put in July
July 28, 2021
The Monetary Policy Committee of the Central Bank of Nigeria stood pat at its 26–27 July meeting, leaving the monetary policy rate unchanged at 11.50% in a unanimous vote.
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Nigeria: Inflation ticks down to four-month low in June
July 16, 2021
Consumer prices increased 1.06% over the previous month in June, up from May’s 1.01% rise.
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