Inflation in Nigeria
Nigeria - Inflation (end of period)
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 (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 | 13.53 | 0.0 % | Jul 31 |
| Exchange Rate | 306.3 | 3.08 % | Jul 31 |
| Stock Market | 0.1 | 0.0 % | Jul 31 |
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Economic News
Nigeria: Inflation falls to one-year low in July
August 16, 2019
Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb.
Nigeria: PMI ticks down in July
August 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 54.8 in June to 54.6 in July.
Nigeria: Central Bank holds policy rate stable in July
July 23, 2019
At its 22–23 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, in line with market expectations.
Nigeria: Inflation eases in June
July 15, 2019
Consumer prices rose 1.07% on a month-on-month basis in June, down slightly from May’s 1.11% climb, which had marked the sharpest increase in nearly a year.
Nigeria: PMI bounces back from near two-year low in June
July 3, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed to 54.8 in June from 52.9 in May, which had marked the lowest reading since June 2017.
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