Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation falls to one-year low in July

Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb. The moderation was chiefly driven by softer price increases for food.

Inflation inched down from 11.2% in June to 11.1% in July, marking a one-year low. That said, it remains well above the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.77% month-on-month in July, below June’s 0.85% increase. Core inflation held steady at an over three-year low of 8.8% in July.

FocusEconomics Consensus Forecast panelists expect inflation to average 11.4% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.2%.

Nigeria - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)8.5  8.1  9.0  15.7  16.5  

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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

Bond Yield13.530.0 %Jul 31
Exchange Rate306.33.08 %Jul 31
Stock Market0.10.0 %Jul 31

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