Inflation in Nigeria
Nigeria - Inflation
Inflation surges to near 17-year high in July
Consumer prices rose 1.82% month on month in July, stabilizing from June. The print, which marked a joint seven-month high, came on the back of broadly stable price increases for food and non-alcoholic beverages, clothing and footwear, and housing, water, electricity and gas.
Inflation, meanwhile, jumped to the highest level since September 2005, coming in at 19.6% in July (June: 18.6%). Consequently, the trend deteriorated as annual average inflation rose to 16.8% in the month, from 16.5% in June. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 16.3% in July from June’s 15.7%.
FocusEconomics Consensus Forecast panelists expect inflation to average 17.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.9%.
Nigeria - Inflation Data
|Inflation Rate (CPI, annual variation in %)||9.0||15.7||16.5||12.1||11.4|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Inflation 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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August 17, 2022
Consumer prices rose 1.82% month on month in July, stabilizing from June.
August 1, 2022
Nigerian private-sector operating conditions improved at a stronger pace at the beginning of the third quarter.
July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.