Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)9.0  15.7  16.5  12.1  11.4  

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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

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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