Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation falls to lowest level since February 2016 in May

Consumer prices rose 1.09% on a month-on-month basis in May, above from April’s 0.83% rise and the sharpest increase since July 2017. Higher food prices were behind the spike in price pressures.

Inflation came in at 11.6% in May, down from 12.5% in April and the lowest level since February 2016. Despite the decrease, inflation is still well above the Central Bank’s target range of 6.0%–9.0%.

Core consumer prices, which exclude volatile agricultural produce, rose 1.09% month-on-month in May, above April’s 0.96% increase. Meanwhile, core inflation was unchanged at April’s 11.6% in May.


Nigeria Inflation Forecast


Met the why particular Consensus Forecast panelists expect inflation to average 12.4% in 2018, which is unchanged from last month’s forecast. In 2019, inflation is seen averaging 11.4%.

Nigeria - Inflation Data

2013  2014  2015  2016  2017  
Inflation Rate (CPI, annual variation in %)8.5  8.1  9.0  15.7  16.5  

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Nigeria Inflation Chart


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

Nigeria Facts

ValueChangeDate
Bond Yield13.630.0 %Aug 07
Exchange Rate305.53.08 %Aug 07
Stock Market1.50.0 %Aug 01

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