Inflation in Nigeria

Nigeria Inflation (eop) | Economic News & Forecasts

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  

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Nigeria Inflation (eop) Chart

Nigeria Inflation
Note: Inflation, annual average variation of consumer price index (CPI) in %.
Source: National Bureau of Statistics

Nigeria Facts

Bond Yield15.600.0 %Jun 14
Exchange Rate306.53.08 %Jun 14
Stock Market0.10.0 %Jun 14

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