Inflation in Nigeria
Nigeria - Inflation (end of period)
Inflation hits over three-year high in February
Consumer prices rose 1.54% month-on-month in February, up from January’s 1.49% increase. The print reflected a stronger rise in food prices.
Inflation rose to 17.3% in February from 16.5% in January, marking the strongest annual rise in prices since May 2017. Meanwhile, the trend pointed up as annual average inflation came in at 14.1% in February from 13.6% in January. Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.2% month-on-month in February (January: 1.3%), and core inflation rose to 12.4% in February from 11.9% in the prior month.
Jacques Nel, head of Africa macro at Oxford Economics, commented:
“Price pressures are expected to increase further in coming months, with inflation projected to average around 16.4% this year. This will put pressure on many households that are already struggling with a surge in unemployment. While food prices have been the primary source of inflationary pressure in recent months, we could see higher imported inflation extend to other product categories if, as we expect, the central bank is forced to loosen its grip on the naira as the year progresses.”
FocusEconomics Consensus Forecast panelists expect inflation to average 13.9% in 2021, which is up 0.2 percentage points from last month’s forecast. In 2022, inflation is seen averaging 11.7%.
Nigeria - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||9.6||18.6||15.4||11.4||12.0|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Inflation (eop) 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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April 7, 2021
Operating conditions in Nigeria’s private sector economy improved for the ninth straight month in March and at a quicker pace than in the prior month, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 52.9 at the close of the first quarter from 52.0 in February.
March 19, 2021
Consumer prices rose 1.54% month-on-month in February, up from January’s 1.49% increase.
February 22, 2021
The economy returned to growth, albeit marginally, in the final quarter of last year, with GDP expanding 0.1% year-on-year.
February 16, 2021
Consumer prices rose 1.49% month-on-month in January, down from December’s 1.61% increase.
February 3, 2021
Operating conditions in Nigeria’s private sector economy continued to improve in January, albeit at a six-month soft pace as the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropped to 50.7 from 51.8 in December.