Inflation in Nigeria
Nigeria - Inflation (end of period)
Inflation remains stable in April
Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March. April's acceleration was primarily driven by faster growth of food prices.
Inflation held steady at March’s 12.3% in April, marking the highest reading since April 2018 and remaining well above the Central Bank’s target range of 6.0%–9.0%. Annual average inflation ticked up to 11.7% in April (March: 11.6%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.93% month-on-month in April, above March’s 0.80% increase. Lastly, core inflation climbed to 10.0% from 9.7% in the previous month.
FocusEconomics Consensus Forecast panelists expect inflation to average 13.3% in 2020, which is up 0.3 percentage points from last month’s forecast. In 2021, inflation is seen averaging 13.0%.
Nigeria - Inflation (eop) Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %, eop) | 8.0 | 9.6 | 18.6 | 15.4 | 11.4 |
Nigeria Inflation (eop) Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Nigeria: Central Bank unexpectedly cuts rate to lowest in four years in May
May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
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Nigeria: Economic growth eases to one-and-a-half year low in Q1
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).
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Nigeria: Inflation remains stable in April
May 21, 2020
Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March.
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Nigeria: PMI collapses to record low in April on Covid-19 woes
May 6, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) sank from 53.8 in March to 37.1 in April, the lowest reading since data collection began in January 2014.
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Nigeria: Inflation climbs for seventh month in a row in March
April 20, 2020
Consumer prices rose 0.84% on a month-on-month basis in March, up from February’s 0.79% increase.
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