Inflation in Nigeria
Nigeria - Inflation (end of period)
Inflation holds steady in May
Consumer prices rose 1.11% on a month-on-month basis in May, up from April’s 0.94% climb and the sharpest increase in 10 months. The acceleration was largely driven by faster growth of food prices.
Inflation was unchanged at April’s 11.4% in May, remaining well above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.75% month-on-month in May, slightly above April’s 0.70% increase. In addition, core inflation edged down to an over three-year low of 9.0% in May (April: 9.3%).
FocusEconomics Consensus Forecast panelists expect inflation to average 11.7% in 2019, which is unchanged from last month’s forecast. In 2020, inflation is seen averaging 11.3%.
Nigeria - Inflation (eop) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %, eop) | 8.0 | 8.0 | 9.6 | 18.6 | 15.4 |
Nigeria Inflation (eop) Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 15.60 | 0.0 % | Jun 14 |
| Exchange Rate | 306.5 | 3.08 % | Jun 14 |
| Stock Market | 0.1 | 0.0 % | Jun 14 |
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Economic News
Nigeria: Inflation holds steady in May
June 17, 2019
Consumer prices rose 1.11% on a month-on-month basis in May, up from April’s 0.94% climb and the sharpest increase in 10 months.
Nigeria: PMI falls to near two-year low in May
June 7, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged down from 55.5 in April to 52.9 in May, the lowest reading since June 2017.
Nigeria: Central Bank stays put in May
May 21, 2019
At its 20–21 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) left the monetary policy rate as well as all other monetary policy parameters unchanged, broadly in line with market expectations.
Nigeria: Economy shifts into lower gear at the start of 2019
May 20, 2019
Nigeria’s economy entered 2019 on a softer note, with GDP growth decelerating to 2.0% on an annual basis in the first quarter.
Nigeria: Inflation inches up in April
May 15, 2019
Consumer prices rose 0.94% on a month-on-month basis in April, up from March’s 0.79% climb.
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