Inflation in Nigeria
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 |
Nigeria Inflation Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 14.13 | 0.0 % | Sep 04 |
| Exchange Rate | 306.5 | 3.08 % | Sep 04 |
| Stock Market | 0.1 | 0.0 % | Sep 04 |
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Economic News
Nigeria: Inflation rises from over three-year low in September
October 15, 2019
Consumer prices increased 1.04% on a month-on-month basis in September, up from August’s 0.99% rise.
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Nigeria: Central Bank leaves policy rate unchanged in September
September 23, 2019
At its 19–20 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to hold its monetary policy rate, as well as all other monetary policy parameters for the third consecutive meeting, as had been broadly expected by analysts.
Nigeria: Inflation inches down to over three-year low in August
September 17, 2019
Consumer prices rose 0.99% on a month-on-month basis in August, marginally below July’s 1.01% climb.
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