Inflation in Nigeria
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 |
Nigeria Inflation Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 14.47 | 0.0 % | Mar 20 |
| Exchange Rate | 306.4 | 3.08 % | Mar 20 |
| Stock Market | 1.1 | 0.0 % | Mar 19 |
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Economic News
Nigeria: Policy continuity expected ahead following President Buhari’s reelection
March 19, 2019
On 27 February, Nigeria’s electoral commission declared incumbent President Muhammadu Buhari, head of the ruling center-left All Progressives Congress (APC), winner of the 23 February presidential election.
Nigeria: Inflation ticks down in February
March 15, 2019
Consumer prices rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase.
Nigeria: PMI slips to 20-month low in February
March 5, 2019
In February, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.3, a 20-month low and below January’s 54.0.
Nigeria: Inflation holds steady in January
February 15, 2019
Consumer prices rose 0.74% on a month-on-month basis in January, matching December’s rise.
Nigeria: Growth picks up to over three-year high in Q4
February 13, 2019
Nigeria’s recovery gained traction in the final quarter of 2018, with growth accelerating to an over three-year high.
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