Inflation in Nigeria
Nigeria - Inflation
Inflation soars in June
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase. The quicker rise came on the back of soaring food prices—accounting for nearly 50% of total weight in the index—and elevated energy prices due to the war in Ukraine.
Inflation soared to 18.6% in June, from 17.7% in May. The reading marked the highest rate since January 2017. Meanwhile, annual average inflation ticked up to 16.5% at the end of Q2, from 16.4% in May. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 14.9% in May from April’s 14.2%.
FocusEconomics Consensus Forecast panelists expect inflation to average 17.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.9%.
Nigeria - Inflation Data
|Inflation Rate (CPI, annual variation in %)||9.0||15.7||16.5||12.1||11.4|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Inflation Chart
Source: National Bureau of Statistics
|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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July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.
June 17, 2022
Consumer prices rose 1.78% month on month in May, up from April’s 1.76%.
June 1, 2022
Nigerian private-sector operating conditions improved at a softer pace in May.