Inflation in Nigeria, June 2022

Consumer prices rose 1.82% m/m in June, compared with a 1.78% rise in April. The faster rise came on the back of a sharp rise in food prices, which account for almost 50% of the total weight in the index, and higher energy prices due to the war in Ukraine.

Inflation jumped to 18.6% in June from 17.7% in May. The figure was the highest since January 2017. Meanwhile, average annual inflation rose to 16.5% at the end of the second quarter from 16.4% in May. Finally, core inflation, which excludes volatile agricultural output, jumped to 14.9% in May from 14.2% in April.

FocusEconomics Consensus Forecast experts expect inflation to average 17.4% in 2022, up 0.3 percentage points from last month’s forecast. In 2023, inflation is projected at an average of 14.9%.